FASB: Clarifying collectibility, completed contracts guidance

FASB: Clarifying collectibility, completed contracts

The FASB at its August 31 meeting decided to clarify guidance on collectibility and what constitutes a completed contract at transition to help entities implement the new revenue recognition standard. The proposed amendments will be included in an exposure draft that will include other improvements and clarifications to the revenue standard.

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Read a September 2015 report prepared by KPMG LLP: Defining Issues: FASB to Clarify Revenue Standard’s Collectibility and Completed Contracts Guidance

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