I don't see how GAAP would have anything to do with it. Exchanging inventory(product) or cash(refund) to reduce the liability have the same implications.
I know many stores do give you the excess of the purchase in cash. My (loser) friend gets gift certificates to a grocery store like safeway, goes and buys $10 worth of stuff and gets cash...
I think it's fair they give you a refund on the entire gift certficate. Not giving someone $8 change on a gift certificate is ridiculous. Maybe they could stipulate a certain % of the gift card has to be spent before you can get cash for the amount not spent.
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