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The revenue recognition standards were previously updated for Apple's fiscal year 2009 (year ending September...

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Accounting

The revenue recognition standards were previously updated for Apple's fiscal year 2009 (year ending September 25, 2010). Prior to the FASB's announcement of the new revenue recognition rules, there were suggestions in the business press that some companies, including Apple, actively lobbied for the new standard and would likely opportunistically adopt the standard early in order to increase profits (see for example: http://www.businessinsider.com/apples- iphone-accounting-change-gets-vote-tomorrow-2009-9 and http://www.businessinsider.com/henry-blodget-new-apple-iphone-accounting-change-could- send-profits-and-stock-to-moon-2009-9). Assume that you are Apple's CFO. Draft a short response to counter the suggestions that your company is more interested in reporting higher profits than in good accounting

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