Accounting Standards Update · 2016

ASU 2016-12 — Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients

Affects606 Revenue from Contracts with Customers

The amendments in this Update address narrow-scope improvements to the guidance on collectibility, noncash consideration, and completed contracts at transition. Additionally, the amendments in this Update provide a practical expedient for contract modifications at transition and an accounting policy election related to the presentation of sales taxes and other similar taxes collected from customers.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-320—Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients, which has been deleted.

For more information, see the following:

Accounting Standards Update No. 2016-12 (PDF)

Issued: May 09, 2016

Text as published in the FASB Accounting Standards Codification, Basic View.