Recently the FASB Board met to discuss various issues including those related to the presentation of contracts with customers. Those issues include:
1. When, if ever, an entity should present contractual rights and obligations as assets and liabilities, respectively.
2. Whether an entity should present net contract assets separately from net contract liabilities.
3. Whether and how an entity should present short-term contracts separately from long-term contracts.
4. The relationship between an entity’s contract position and accounts receivable.
The Board did not reach any decisions and indicated that further analysis was necessary and should be presented at the next board meeting.
1. When, if ever, an entity should present contractual rights and obligations as assets and liabilities, respectively.
2. Whether an entity should present net contract assets separately from net contract liabilities.
3. Whether and how an entity should present short-term contracts separately from long-term contracts.
4. The relationship between an entity’s contract position and accounts receivable.
The Board did not reach any decisions and indicated that further analysis was necessary and should be presented at the next board meeting.
Posts
No comments:
Post a Comment