Your client, Stanley & Sons, needs your expertise in recommending the appropriate accounting treatment based on recent changes made by the FASB. Your client is also concerned about the accounting treatment of this issue if they were operating under the guidance of IFRS The scope of your engagement is as follows:
1. Read the case carefully and identify issues related to revenue recognition.
2. Research the situation your client faces by using the FASB Accounting Standards Codification and International Accounting Standards.
3. Prepare your recommendations and analysis to the case in a Business Memo Format.
Respond to the issues addressed in the case by your client through research and qualitative analysis.