Identify one of the key accounting issues and the relevant accounting literature. Provide a brief summary of the accounting rules for the one accounting issue you identify (including ASC reference)

(For example, if leases were identified as a key accounting issue then the summary of the accounting rules would address the four criteria for capitalizing lease contracts.)

Link:

http://www.nytimes.com/2002/07/22/us/worldcom-s-collapse-the-overview-worldcom-files-for-bankruptcy-largest-us-case.html