What this means for the retail industry

September 2014

The International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board have finally issued their new standard on revenue – IFRS 15 Revenue from Contracts with Customers (ASU 2014-09 or Topic 606 in the U.S.). This bulletin summarizes the new requirements and what they will mean for entities in the retail industry that apply International Financial Reporting Standards (IFRS).