1. A Standard-Setters View Geoffrey Whittington

2. Do we need a new standard? The EFRAG paper illustrates the unresolved conceptual issues FASB convergence IAS 18 and 11 inconsistencies (requests for interpretation) Framework issues

3. The Asset/Liability Model Helps to focus recognition Earnings process does not necessarily conflict Danger of forgetting that revenue is a flow, not a balance sheet item

4. The Customer Consideration Approach Has the supplier performed in such a way that consideration is due (earned?) Essentially the approach explored in the EFRAG paper Also currently being explored by FASB/IASB

5. The Fair Value (Legal Layoff)Approach Initially proposed by FASB staff, and still preferred by some Board members Liability is the cost to the supplier of discharging obligations Day 1 profit is possible Fair value is calibrated on the market, not the suppliers own costs The Insurance project illustrates these issues