I'm trying to understand who owns the liability of a gift card that is sold by a 3rd party. For example, I purchase an itunes gift card at the grocery store. I know that the gift cards must be accounted for as a liability until used and only then can the value redeemed be recognized as revenue. How does this work when a 3rd party is involved? Does the liability sit on apple/itunes balance sheet or on the grocery store's balance sheet? If the liability is on the BS of apple then does the grocery store get to recognize revenue in full at the time of the purchase of the gift card?