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In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The issuance of this long-awaited standard completed the FASB’s joint project with its international counterpart, the International Accounting Standards Board (IASB), to clarify the principles of revenue recognition and to develop a common revenue standard for US GAAP and IFRS. Shortly after issuing the ASU, the FASB and the IASB created the FASB-IASB Joint Transition Resource Group for Revenue Recognition (TRG) to identify issues arising from the implementation of the new guidance. The TRG meets regularly and provides feedback to the FASB and the IASB. As a result of feedback received from the TRG related to performance obligations and licensing, the FASB issued a proposed ASU on May 12, 2015 to clarify the guidance surrounding these topics.
The implementation issues surrounding performance obligations are related to the treatment of immaterial goods and services, shipping and handling activities, and the distinction between individual goods and services and combined goods and services.
The implementation issues around licensing are primarily related to the distinction between licenses that provide a right to access intellectual property and licenses that provide a right to use intellectual property.
The comment period for this exposure draft ends on June 30, 2015. Contact us with questions regarding implementation of the new revenue recognition guidance and visit our Construction Services Industry Group page to learn more about our practice group.
Read more about the current Greenbook proposals. ...
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