Longer term, the Financial Accounting Standards Board is looking to improve international standards by amplifying IFRS, but along lines similar to its current version. "Our hope is to have one single standard that will cover revenue recognition across all industries," says Jeff Wilks, a project manager at FASB. Next quarter, the board plans to release two new models of revenue recognition for comment, in hopes of letting the market decide which is better. Both of the models are "very principles-based," says Wilks, and both would allow companies to use estimates, rather than actual pricing data, for some undelivered items within contracts. — A.S.
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Inside the January 2008 Issue
Cover Story
- Carbon Trading Set for Takeoff
Features
- Small Business, Big Problems
- Foreign Intelligence
Also Inside
- Letter from the Editor, January 2008
- Letters to the Editor, January 2008
- Long Live the King?
- IFO Sightings
- Bring Your Own Pretzels
- A Meter for Meetings
- And Not a Moment Too Soon
- Saving Face Time
- Virtuality Check
- Business Outlook Survey
- View from China: Growing out of Control
- The Emergence of Convergence
- A Hedge-Fund Mystery
- Lessons from Adversity
- Koch Industries's Steve Feilmeier
- Why VSOE Spells Trouble
- Gaming the System
- Lifting the Handicap
- Conference Confidential
- Refusing to Roll Over
- A Loss Worth Reporting
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Reader CommentsDisplaying 2 of 2
Shawn Halladay
Jan 10, 2008 2:06 PM ET
Chasing your tail
Allocating multiple deliverables such as software to revenue is tough enough, but now throw in a customer solution that … more
John Laurie
Jan 7, 2008 9:09 AM ET
String Theory and VSOE
I am currently working my way through a book on string theory. I figure once I master this controversial theory I may … more
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