The second quarter of 2015 saw several narrow scope improvements and proposed changes to accounting standards. From simplifying fair value hierarchy classification types of instruments to hosting arrangements and consolidation accounting, the recently announced proposal and accounting changes tended to be small in scale.
The issuance and implementation of larger projects remains on the horizon. The FASB continues to work through implementation issues with the new revenue recognition guidance, which was issued second quarter of last year in Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The FASB has proposed to delay revenue recognition implementation by one year. It also proposed an accounting change to clarify how several aspects of the new revenue recognition guidance. Updates to accounting for leases and financial instruments are also on the horizon and scheduled on the FASB Technical Agenda for release in the fourth quarter of 2015.
In this MHM Messenger, we will briefly recap the major changes that took place this quarter.