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Autonomy Deal Casts Doubt on Accounting Change (Reuters)

Critics fear new revenue recognition standard might leave door open for more abuses.

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Hewlett-Packard’s allegations of revenue-recognition problems at Autonomy, the U.K. software company it acquired last year, has some market participants uneasy about the approach of a new standard on revenue recognition. The coming global standard is being produced jointly by the U.S. Financial Accounting Board and the International Accounting Standards Board, and it will be principles-based, in line with international standards, rather than offering the detailed regulations common to U.S. GAAP accounting. Critics fear the less detailed approach may allow for more accounting shenanigans.

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