Lexis Nexus Complexus: Comparative Contract Law and International Accounting Collide in the IASB-FASB Revenue Recognition Exposure Draft

• Author: Kurt S. Schulzke - Gerlinde Berger-Walliser - Pier Luigi Marchini
• Position: Associate Professor of Accounting & Business Law, Director of Law, Ethics & Regulation, Corporate Governance Center, Kennesaw State University - Assistant Professor of Business Law, School of Business, University of Connecticut - Professore Aggregato, Dipartimento di Economia, Università Degli Studi di Parma

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−ϑϕ_∃6−_Χ# ηδ_⊥# −∆Χ_ϑΝ>∃Χ<%>=νΡΠ∀∀νΞ# [ε3∋Φ# 600+(∋.3∋8# Χ./∋Κ/∗Κ1# :ΚΦ# ΡΠ∀∀∴#

[7∗+≅+1%Κ# >]≅+1(∗%# =∗/).# ΡΠ∀∀∴# [ε6Χ:# &%∗13+∋∴<# 6Α6/∗6≅∗−% 6∃#4..≅λνν222Φ)/1ΙΦ+∗8ν01ν#

:?+ΙΧ%∗&%∗ρΙ?+ΙΗ%Εσ3Κ9Ι?+Ι24%∗%σ∀∀Ω!αΡΣ!!ΨΣΞΨ9Ι?+Ι4%/Κ%∗σ/≅≅?30/.3+∋τΡε≅Κ)9

Ι?+Ι0+?σ(∗?Κ/./9Ι?+Ι./Ι?%σΝ(∋8+:?+Ι1Φ#⊥%∗%3∋/).%∗<#(∋?%11#+.4%∗231%#∋+.%Κ<# 03./.3+∋1#

.+#>=#≅/∗/8∗/≅41# 23??#Ι%# .+#.4%#δ6Χ:# &%∗13+∋Φ#_4%#+∗383∋/?# >=νΡΠ∀ΠνΞ#23??# Ι%#∗%)%∗∗%Κ#

.+#4%∗%3∋/).%∗#/1#>=#ΡΠ∀ΠΦ#

#ΡΦ# >))%0.3&%#Χ%≅.%,Ι%∗#∀!<#ΡΠΠΨ<#.4%#ε6Χ:#≅∗+,(?8/.%1#∆ΦΧΦ#8%∋%∗/??Ε#

/00%≅.%Κ#/00+(∋.3∋8#≅∗3∋03≅?%1#[∆ΦΧΦ#Α667∴#%]0?(13&%?Ε#3∋#.4%#6−−ϑ∆ϕ_δϕΑ#Χ_6ϕ=6∃=Χ#

−ϑ=δεδ−6_δϑϕ<# 1(Ι.+≅30# ∀Π!∀ΠΠ!# [ε3∋Φ# 600+(∋.3∋8# Χ./∋Κ/∗Κ1# :ΚΦ# ΡΠ∀Ρ∴# ο4%∗%3∋/).%∗#

ε6Χ:#−ϑ=δεδ−6_δϑϕθ<# 6Α6/∗6≅∗−% 6∃#4..≅λνν/10Φ)/1ΙΦ+∗8<#24304#,(1.#Ι%#)+??+2%Κ#3∋#.4%#

≅∗%≅/∗/.3+∋#/∋Κ# /(Κ3.3∋8#+)# ∆ΦΧΦ#Α6670+,≅?3/∋.# )3∋/∋03/?#1./.%,%∋ .1#+)#/??# )+∗≅∗+)3.#

0+,≅/∋3%1Φ#_4%# −+Κ3)30/.3+∋# /∋Κ# Χ%0(∗3.3%1#>]04/∋8%#−+,,3113+∋#[Χ>−∴#∗%8(?/.3+∋1<#

311(%Κ#ΙΕ#.4%#Χ>−# (∋Κ%∗#3.1#∗(?%,/Η3∋8#/(.4+∗3.Ε<# 0+,≅∗31%#.4%#/00+(∋.3∋8#≅∗3∋03≅?%1#

Ι3∋Κ3∋8#+∋# ≅(Ι?30?Ε#.∗/Κ%Κ<#∆ΦΧΦ4%/Κχ(/∗.%∗%Κ# 0+,≅/∋3%1Φ#_1Φ# 7∗3+∗#.+# Χ%≅.%,Ι%∗#∀!<#

ΡΠΠΨ<#∆ΦΧΦ#Α667# 2/1#)+(∋Κ#3∋# ,/.%∗3/?1#≅∗+,(?8/.%Κ# ΙΕ#.4%#ε6Χ:# /∋Κ#.4%#6,%∗30/∋#

δ∋1.3.(.%#+)# −%∗.3)3%Κ#7(Ι?30# 600+(∋./∋.1#/∗043&%Κ# /.#8#−4Υ<1/Γ/(6∃/<0% &∃6016#17<#εδϕΦ#

6−−_Φ#Χ_6ϕ=6∃=Χ# :ϑ6∃=<%4..≅λνν222Φ)/1ΙΦ+∗8νΖ1≅νε6Χ:ν7/8%ν7∗%−+ΚΧ%0.3+∋7/8%9#

03Κσ∀Ρ∀αΡΡΠ∀ΣΩΠΣ∀# [?/1.# &313.%Κ# ε%ΙΦ# ∀!<# ΡΠ∀Σ∴Φ# _4%1%# ,/.%∗3/?1# 2%∗%# ∗/∋Η%Κ#

43%∗/∗0430/??Ε<#3∋# .%∗,1#+)# .4%3∗#∗%?/.3&%# /(.4+∗3./.3&%#)+∗0%Φ# Χ_6_>Ν>ϕ_#ϑε#εδϕ6ϕ−δ6;#

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6−−ϑ∆ϕ_δϕΑ#7∃δϕ−δ7;>Χ#υ#Σ#[ε3∋Φ#600+(∋.3∋8#Χ./∋Κ/∗Κ1#:ΚΦ#ΡΠΠα∴#ο4%∗%3∋/).%∗#Χε6Χ#

∀ΞΡθ<#6Α6/∗6≅∗−%6∃#4..≅λνν222Φ)/1ΙΦ+∗8ν≅Κ)ν)/1∀ΞΡΦ≅Κ)Φ#

#ΣΦ# _4%#δ6Χ:#≅∗+,(?8/.%1#δ∋.%∗∋/.3+∋/?#ε3∋/∋03/?#∃%≅+∗.3∋8#Χ./∋Κ/∗Κ1#

[δε∃Χ∴Φ# 8#−Γ6(−#.+#δϕ_>∃ϕ6_δϑϕ6;# εδϕ6ϕ−δ6;# ∃>7ϑ∃_δϕΑ# Χ_6ϕ=6∃=Χ# υυ#!<# Ω# [δ∋.µ?#

600+(∋.3∋8# Χ./∋Κ/∗Κ1# :ΚΦ# ΡΠ∀Π∴<# 6Α6/∗6≅∗−% 6∃% 4..≅λνν%3)∗1Φ3/1ΙΦ+∗8ν%3)∗1ν#

Ι∋1./∋Κ/∗Κ1ν%∋ν≅∗%)/0%Φ≅Κ)Φ# 7∗3+∗# .+# Λ/∋(/∗Ε# ∀<# ΡΠΠ∀<# .4%# δ6Χ:µ1# ≅∗%Κ%0%11+∗<# .4%#

δ∋.%∗∋/.3+∋/?# 600+(∋.3∋8# Χ./∋Κ/∗Κ1# −+,,3..%%<# 311(%Κ# δ6Χ<# 24304# 0+∋.3∋(%# 3∋# )+∗0%#

(∋?%11# 1(≅%∗1%Κ%Κ# ΙΕ# 1(Ι1%χ(%∋.?Ε# 311(%Κ# δε∃ΧΦ# δϕ_>∃ϕ6_δϑϕ6;# 6−−ϑ∆ϕ_δϕΑ #