The implementation and adoption of the new revenue recognition standard (ASC 606) is seen by many as the biggest shake-up in accounting in decades. The standard, issued as accounting standards update (ASU) 2014-09 by the Financial Accounting Standards Board and as international financial reporting standard (IFRS) 15 by the International Accounting Standards Board, converges the revenue recognition principles under the U.S. generally accepted accounting principles (GAAP) and IFRS as well as enhances the qualitative and quantitative revenue disclosures in financial statements.

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