– RevenueRecognition.com Contributor
The dust hasn’t yet settled on what the industry is calling the “iPhone rules” covering multiple-element revenue recognition, but CFOs need to get ready yet for yet another transition as FASB and IASB get set to converge on the topic.
The past decade or so has already seen a flurry of changing revenue recognition guidance, as regulators and standards setters scrambled first to catch up with dot.com bubble abuses and, ultimately, the changing nature of technology itself, as the old “pure” hardware/software rules became increasingly problematic in a world where everything from cell phones to aircraft to refrigerators was beginning to think for itself.
As a result, financial executives, along with their colleagues in IT, have had their work cut out for them. AICPA Statement of Position 97-2, Software Revenue Recognition, was issued in an era when software was not embedded in as many products as it is currently and has rapidly become out of date. Most recently, finance and IT have had to work together to keep up with FASB’s ASU 2009-13 and ASU 2009-14, which were effective for…
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