By Chris Bulkey, principal analyst at Technology Research GroupClarification from author: Last September, FASB approved Apple's request to change the way it accounts for iPhone sales. We addressed the accounting change in our F1Q10 earnings assessment titled "Disclosure and Transparency the Real Issues." The earnings press release disclosed the accounting change, but did not specifically quantify financial impact as it pertained to expectations for the quarter. Because the change was detailed in our F1Q10 assessment, we did not rehash the issue in this latest report. Comments on the year on year reduction in revenue deferrals were meant to call attention to the fact that Apple is now working with less "backlog" as a result of new accounting policies.
Why Apple Gets a Sell Rating
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