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UITF 40

I refer to Mike Leigh's recent observations and advice on this subject as I profoundly disagree with his suggestion and believe it would be a dangerous route for advisers to follow.  The Tax Faculty responded along similar lines last week but I would like to offer a more informal view.
The reason discussion on this issue had stopped was I thought because the professional bodies had made clear statements re the impact of the new rules on GAAP. None of us I suspect welcomed that confirmation or the implications but at least we now have some certainty as regards GAAP on the subject of Revenue Recognition.
So far as I am concerned the time for argument and discussion as to whether the Accounting Standards Board (ASB) has got this right or wrong has long passed. Its Urgent Issues...