FASB Working on Three Topics to Possibly Fine-Tune Application of New Revenue Rules

Dec. 9 — The staff of the Financial Accounting Standards Board is conducting research on how to report revenue stemming from licenses and on two other topics that could lead to more guidance aimed at clarifying how to apply the new, far-reaching revenue recognition standard being researched.

FASB Chairman Russell Golden in a Dec. 9 speech outlined that work on the six-month- old rules. The standards were issued jointly in May by the U.S. board and the International Accounting Standards Board (10 APPR 525, 6/6/14) (10 APPS 5, 6/6/14).