Sep 08, 2015
From the Financial Reporting View
The FASB met on August 31 and discussed:
Revenue Recognition—Narrow-Scope Improvements and Practical Expedients. The Board discussed two narrow-scope issues related to FASB ASC Topic 606, Revenue from Contracts with Customers (1) whether to include improvements to the guidance on completed contracts at transition in the scope of this project and (2) potential improvements to the guidance about collectibility.
FASB Endorsement of Private Company Council (PCC) Consensus. The Board discussed endorsing the consensus resulting from the July 21 PCC meeting about Issue No. 15-01, “Effective Date and Transition Guidance,” and issuing a proposed Accounting Standards Update.