FASB to Propose Slight Changes to Revenue Standard
As the Financial Accounting Standards Board (“FASB”) prepares its annual project for making technical corrections to U.S. GAAP, the standard setter is concurrently planning to issue a separate proposal featuring minor changes to its revenue recognition standard. The proposed revenue corrections cover several areas, including the clarification of contracts within the scope of Topic 944, Financial Services — Insurance. Hoping to issue the revenue clarifications by the end of March, the FASB decided to release the amendments separately due to the prominence of Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. Upon release, the proposed changes will have a 45-day comment period.