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Revenue Recognition

Date recorded:

The Boards discussed a paper in which the fair value ED issued by the FASB was applied to certain revenue recognition examples. In addition, the Boards were asked to answer certain questions that would provide the staff with direction on this project.

In going through the various examples, the Boards agreed that absent evidence to the contrary, actual exchange prices (in other than active markets) should be presumed to be consistent with fair value.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.