The Australian Securities and Investment Commission required a company called Flight Centre to amend the way in which it recorded revenue. It had previously recorded revenue based on the gross value of the flights it had booked for customers whereas the ASIC wanted it to record revenue based on the commissions it received. The change would have no impact on the reported profit of the company. Given the company disclosed its accounting policies and was consistent from year to year it appears no one was misled. Explain why the company would prefer the gross approach, and the regulator the net revenue approach, and whether the issue is worthy of such a debate. (Provide justification for your conclusions.)