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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 9 / 29

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9

Increasing complexity and variety of business models

Issues for financial reporting

Defining the boundaries of the reporting entity

Joint ventures

Affiliates

Specially designed structures used for a variety of commercial arrangements

When should these arrangements be consolidated with the reporting entity?

Financial reporting as the allocation of transaction amounts versus direct measurements

Revenue recognition in multiple element commercial arrangements

Derivatives:  nominal or no transaction amounts

Traded versus non-traded instruments

Both financial reporting and auditing considerations

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