The SEC defines when an entity can recognize revenue.

• Persuasive evidence of an arrangement exists,
• Delivery has occurred or services have been rendered,
• The sellers price to the buyer is fixed or determinable, and
• Collectability is reasonably assured.

The business environment continues to change with new forms of revenue models are invented. (eg: google, facebook, online gaming etc.) etc. What are the implications / challenges of applying revenue recogniztion rules on new forms of busienss ? How will it change the way auditors audit revenue ?