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What the new global standard on revenue means for retail

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A new global standard on revenue
What this means for the retail industry

The International Accounting Standards Board (IASB) and U.S. FASB have issued their new Standard on revenue – IFRS 15 "Revenue from Contracts with Customers" (ASU 2014-09 or Topic 606 in the United States). This bulletin summarizes the new requirements and what they will mean for the retail industry.