December 27, 2016

A final Accounting Standards Update has been issued by the Financial Accounting Standards Board to explain narrow facets of the revenue recognition standard further.

The areas in the guidance covered by the update include disclosure of remaining performance obligations, disclosure of prior-period performance obligations, and refund liability, among others.

Aimed at clarifying and correcting the board’s guidance, the amendments tied to the ongoing project are viewed as technical corrections which are not expected to “have a significant effect on current accounting practice or create a significant administrative cost for more companies or other organizations,” according to an FASB issued media advisory.