Media Advisory 12/21/16
FASB ISSUES TECHNICAL IMPROVEMENTS TO
REVENUE RECOGNITION GUIDANCE
Norwalk, CT, December 21, 2016—The Financial Accounting Standards Board (FASB) today issued a final Accounting Standards Update (ASU) that clarifies aspects of the revenue recognition guidance issued in 2014. The changes are based on input received from FASB stakeholders and its Revenue Recognition Transition Resource Group (TRG).
The amendments in this ASU are expected to clarify the FASB Accounting Standards Codification® to prevent unintended application of guidance. Like most technical corrections, the changes generally are not expected to have a significant effect on current accounting practice or create a significant administrative cost for most companies or other organizations.
The ASU is available at www.fasb.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.