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In addition, global companies need the flexibility to comply and report according to multiple accountingstandards. For leasing, this means International AccountingStandards Board’s (IASB’s) IFRS 16 and US GAAP Financial AccountingStandards Board’s (FASB’s) ASC 842.
Compliance: The adoption of ASC 606 and IRFS 15 accountingstandards for revenue recognition introduced new requirements for SaaS companies, particularly around the allocation of revenues and the recognition of variable consideration.
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