Premise: I've been troubled for some time over the application of physical-world premises to virtual-world interactions. The E&Y article attached is a case in point; it is concise and informative as to the guidance, but does the guidance make sense?
I'd like to hear input (pros/cons/alternatives) on: should virtual currency and virtual goods be treated differently, and; could any virtual item be better treated as a term, subscription or perpetual software license instead of as a virtual good, and; allowing the speed of the evolution of the industry at this point in time and the degree of estimates required to follow the guidance, does following the guidance provide beneficial insights to external users of the financial statements?
Not included in this (but to me an interesting separate topic) is the importance of the insights provided by the above guidance to managerial
Reference URL: http://www.ey.com/Publication/vwLUAssets/Revenue_recognition_on_the_sale_of_virtual_goods/$FILE/Hot%20Topic%202010-20_BB1929_Sale%20of%20virtual%20goods.pdf