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Question - A technology company sells a complex computer program. It promises customers that it will provide updates and virus protection for three years from the date of sale. Upon sign- ing the contract, the company records an account receivable for the full contract amount, and allocates 80 percent of this amount to current revenue, with the 20 percent remainder recorded as deferred revenue on the balance sheet. It plans to amortize this deferred revenue equally over 3 years.
Required -
a. How would revenue recognition under this contract be accounted for under current IFRS 15 and ASC 606 standards (See Section 1.2)?
b. With respect to the accounting for the maintenance component of the contract, compare the relevance and reliability of current IAS 18 and ASC 606 standards with the approach planned by the company.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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