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Asset impairment was first addressed by the International Accounting Standards Board (IASB) in IAS 16, which became effective in 1983. [2] It was replaced by IAS 36, effective July 1999. [2] In United States GAAP, the Financial Accounting Standards Board (FASB) introduced the concept in 1995 with the release of SFAS 121. [3]
But as the software in a given project grows larger and larger, and develops a larger base of users with long experience with the software, it becomes less and less malleable. Like a metal that has been work-hardened, the software becomes a legacy system, brittle and unable to be easily maintained without fracturing the entire system.
Because software, unlike a major civil engineering construction project, is often easy and cheap to change after it has been constructed, a piece of custom software that fails to deliver on its objectives may sometimes be modified over time in such a way that it later succeeds—and/or business processes or end-user mindsets may change to accommodate the software.
IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). [1]
A software development methodology is a framework that is used to structure, plan, and control the life cycle of a software product. Common methodologies include waterfall, prototyping, iterative and incremental development, spiral development, agile software development, rapid application development, and extreme programming.
In business accounting, the term "write-off" is used to refer to an investment (such as a purchase of sellable goods) for which a return on the investment is now impossible or unlikely. The item's potential return is thus canceled and removed from ("written off") the business's balance sheet. Common write-offs in retail include spoiled and ...
GAAP net revenue was $1.36 billion and was flat to last year, while cost of revenue declined 13% to $600 million as the prior year included an impairment charge related to acquired intangibles.
Worse is better (also called the New Jersey style [1]) is a term conceived by Richard P. Gabriel in a 1989 essay [2] to describe the dynamics of software acceptance. It refers to the argument that software quality does not necessarily increase with functionality: that there is a point where less functionality ("worse") is a preferable option ("better") in terms of practicality and usability.