Jul 11, 2016
From the Financial Reporting Network
KPMG LLP recently commented on two proposed FASB ASUs related to technical corrections and improvements:
- Technical Corrections and Improvements to Update 2014-09, Revenue from Contracts with Customers (Topic 606) would clarify and add a practical expedient to the requirement to disclose remaining performance obligations in specific situations in which an entity need not estimate variable consideration to recognize revenue.
KPMG’s comment letter expresses the firm’s general support for the proposals, including the additional practical expedient, but suggests that the Board further clarify certain aspects of the proposal.
- Technical Corrections and Improvements would amend several topics within the FASB Accounting Standards Codification® for technical corrections, clarifications, and improvements, including differences between original guidance and the Codification, clarifications of guidance and corrections of references, and simplifications to improve usefulness and understandability.
KPMG’s comment letter states that while the firm generally supports the proposals, the firm believes that the Board should further clarify certain aspects of the proposal and add specific amendments.