The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-20 today, which addresses a number of implementation issues that have been identified as business entities move to adopt ASC Topic 606, Revenue from Contracts with Customers.
This much-anticipated update contains guidance on 13 specific issues that had been previously identified since the issuance of the original standard 2014 and other recent updates. Some are strictly wording changes, while others provide options that make the implementation of Topic 606 easier.
“These updates address a variety of issues, including some potential disclosure relief, guidance on accounting for loss contracts, scope clarifications, wording updates and other guidance that are aimed at easing the effort in adopting Topic 606,” said Richard Daisley, a Surgent instructor and CPA. “These are effective at the same time as the other guidance in Topic 606.”
Rich Daisley is Director of Accounting and Financial Reporting Content for Surgent Professional Education. With over 26 years of experience in the accounting and auditing field, Mr. Daisley has worked in both the client service setting, mainly for PwC’s Capital Markets and Accounting Advisory Services Group and for PECO Energy’s Merger and Acquisition Group, and in the internal capacity setting as a course developer and facilitator creating leading training courses for PwC and Surgent. Rich lives in suburban Philadelphia.
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