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Elements unique to long-term contracts pose a challenge for FASB and IASB in their bid to create one standard covering all customer relationships.
David McCann, CFO.com | US
July 2, 2009
The crux of this article should be seen by reading between the lines. That is, the importance of debate then action. This is healthy and constructive (unless there is sector lobbying that completely changes a current or proposed standard to benefit the lobby sector at the expense of other sectors. That would be Pareto Inefficient).
Posted by David Newman | July 06, 2009 06:09 pm
There is no such thing as one size fits all in accounting ,specially when it comes to revenue recognition.There must be some flexibility to accomodate for the nature of the industry and its unique charactaristics.
Posted by Wael Bibi | July 03, 2009 02:25 pm
© CFO Publishing Corporation 2009. All rights reserved.