Having recently attended the FASB/IASB issues conference on revenue recognition, leasing (lessor), and insurance, I was struck by how terminology gets in the way.  For example, figuring out what “unit of account” might mean seems to be something many debates were centered around … yet there’s not a definition of this notion.  So much of the debate occurred because people were not in agreement on something often more fundamental than the apparent topic of interest.   THat is, it wasn’t about leasing that was the focus of a debate, but rather about unit of account.

How do you define unit of account?  Anybody ?  (No definition exists, so fire away…)