Browsing by Subject "IFRS 15"

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    The consensus among US GAAP and IFRS having stemmed from pressure of the U.S. software industry: “Apple rules”
    (Muhasebe Öğretim Üyeleri Bilim ve Dayanışma Vakfı, 2017) Sultanoğlu, Banu
    In the last ten years, software companies enter into more complex service offerings, so-called ―“multiple deliverables”. This study describes how Apple Inc. found itself in the center of subscription accounting rules in US GAAP causing an understatement of its iPhone earnings by $3.8 billion in 2008 and then primarily took the leading role in pushing Financial Accounting Standards Board (FASB) for a need of standard change in that particular industry, started in 2008 and finalized in 2014. On September 23, 2009, the industry gained its first victory against Generally Accepted Accounting Principles (US GAAP) with the issuance of new rules; Emerging Issues Task Force (EITF) Issue No. 08-1, “Revenue Arrangements with Multiple Deliverables” (EITF 08-1) and then penetrated the whole industry in the world with a converged standard; namely “Revenue from Contracts with Customers” (IFRS 15) which was issued jointly by FASB and International Accounting Standards Board (IASB) on May 28, 2014 superseding all FASB’s and IASB’s rules.