The Financial Accounting Standards Board has proposed further guidance on the revenue recognition standard, covering a wide variety of different topics, including: 

* Preproduction costs related to long-term supply arrangements; 

* contract costs as they relate to impairment testing, and how impairment testing interacts with other guidance; 

* losses on construction-type and production-type contracts; 

* the scope of Topic 606 as it related to insurance contracts; 

* disclosure of remaining performance obligations; 

* inconsistencies in previous guidance's examples of contract modifications; 

* fixed-odds wagering contracts in the casino industry; and 

* cost capitalization for advisers to private and public funds. 

The revenue recognition standard replaces the myriad industry- and transaction-specific standards in current GAAP with a unitary model based on identifying and completing contract-based performance obligations. The board gave final approval to the standard in 2014, but since then has three times needed to issue further technical corrections and guidance. While the standard has yet to even become effective, the board has issued narrow changes to its scope, addressed the use of practical expedients, updated treatment of licensing as it relates to identifying performance obligations, and clarified the circumstances in which an entity is considered a principal or an agent.

Members of the public have until July 2 to comment on this latest proposed guidance.