Industry Insights

Additional Relief for Revenue Rules

July 2016

Executive Summary

On May 9, 2016, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2016-12, Revenue from Contracts with Customers (Topic 606):  Narrow-Scope Improvements and Practical Expedients, which contains additional guidance to ease implementation of the new revenue recognition guidance. The amendments do not change the core principles of the new guidance; they only affect narrow aspects related to collectibility, sales tax presentation, noncash considerations measurement and transition expedients. The effective date is the same as the revised effective date of the revenue standard.

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