The Financial Accounting Standards Board (FASB) has released proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract.
The proposed ASU responds to stakeholder remarks related to the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract. The ASU also addresses diversity in accounting for a share-based payment from a customer that is consideration for the transfer of goods or services.
The proposed ASU, Release Notes, and other FASB resources are available at www.fasb.org. Interested parties are encouraged to review the proposed GAAP Taxonomy Improvements for the proposed ASU and submit comments via email to xbrled@fasb.org by October 21, 2024.
Source:
FASB Staff Issues Proposed GAAP Taxonomy Improvements for a Proposed Accounting Standards Update—Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract (xbrl.us)
