46 Vand. J. Transnat'l L. 515 (2013)
Lexis Nexus Complexus: Comparative Contract Law and International Accounting Collide in the IASB-FASB Revenue Recognition Exposure Draft

handle is hein.journals/vantl46 and id is 533 raw text is: Nexus

Complexus:

Comparative Contract Law and
International Accounting Collide
in the IASB-FASB Revenue
Recognition Exposure Draft
Kurt S. Schulzke*
Gerlinde Berger-Walliser
Pier Luigi Marchini*
ABSTRACT
U.S. and international accounting-standard setters plan to
launch a new, global revenue accounting standard, Revenue
from Contracts with Customers, in 2013. Poised at the nexus of
comparative contract law and international accounting, the
proposal's contract-based revenue recognition model creates new
legal risks and opportunities for accountants, lawyers, clients,
and financial statement users. Despite its focus on legally
enforceable contracts, the proposed standard was drafted
* Associate Professor of Accounting & Business Law, Director of Law, Ethics &
Regulation, Corporate Governance Center, Kennesaw State University. Professor
Schulzke represents corporate whistleblowers as Of Counsel at Slappey & Sadd LLC,
Atlanta, Georgia. J.D., cum laude, Georgia State University College of Law; M.Acc. &
B.S., Brigham Young University. 1000 Chastain Road, Stop 0402, Kennesaw, Georgia
30144, kurt - schulzke@kennesaw.edu, tel. +1770.423.6379.
** Assistant Professor of Business Law, School of Business, University of
Connecticut. Dr. jur., University of Bielefeld (Germany); 2. Staatsexamen, Landgericht
Heidelberg; 1. Staatsexamen, University of Bielefeld (Germany). 2100 Hillside Road, U
1041 Storrs, CT 06269, gerlinde.berger-walliser@business.uconn.edu, tel. +1860-486-
4133.
*** Professore Aggregato, Dipartimento di Economia, UniversitA Degli Studi di
Parma. Professor Marchini teaches international accounting and governance, and
publishes on corporate social responsibility disclosures and the process of disclosing
economic and financial information, particularly with respect to consolidated financial
statements, business economic groups, income and equity representation schemes, and
international accounting convergence toward International Financial Reporting
Standards. Via Kennedy, 6 - 43125 Parma, Italy, pierluigi.marchini@unipr.it, tel. +390521032389.
The authors express sincere gratitude to their spouses and children for their
unfailing support during the drafting process; Catalina Castaflo for her research and
commentary on Colombian law; Can Mugan (Middle East Technical University),
Thomas Rautenstrauch (HWZ Zurich), Marisa Pagnattaro (University of Georgia), and
a host of generous Academy of Legal Studies in Business colleagues for their insights
and comments on earlier drafts.

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