The Financial Accounting Standards Board has finalized another piece of guidance related to the new revenue recognition standard meant to help smooth over adoption challenges.
FASB approved Accounting Standards Update No. 2016-10 on identifying performance obligations and licensing to answer questions that arose in both of those areas as companies prepared to implement the standard. FASB developed the guidance at the suggestion of the Transition Resource Group, which has vetted dozens of implementation questions and recommended a handful to FASB and the International Accounting Standards Board for clarification through the standard-setting process.
