ASU 2016-12 - Revenue: Narrow-Scope Improvements

ASU 2016-12, issued by the Financial Accounting Standards Board, refines ASC 606 by making narrow-scope improvements to revenue-recognition guidance. It clarifies transition methods, provides additional examples, and aligns certain disclosures with IFRS for entities that have already adopted the new standard. The update is effective for annual reporting periods beginning after December 15, 2020, with earlier adoption permitted.