Nov 25, 2015
From the Financial Reporting Network
KPMG LLP recently commented on the proposed FASB ASU, Narrow-Scope Improvements and Practical Expedients, which is intended to clarify the application of the new revenue standard as it relates to collectibility, the date on which to measure noncash consideration, presentation of sales taxes, and certain practical expedients. KPMG generally supports the proposal, but suggested changes to the proposed guidance and related illustrative examples about collectibility. The firm also encouraged the FASB to maintain convergence with the IASB’s revenue standard, when possible, and provided other suggestions for enhancing the proposal.