What this means for the software and cloud services industries

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 that apply International Financial Reporting Standards (IFRS) in the software and cloud services industries.

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