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7.Oracle Cloud commenced business in the current year. It offers cloud-based data storage space for business and private users. It has software that it develops
7.Oracle Cloud commenced business in the current year. It offers cloud-based data storage space for business and private users.
It has software that it develops internally and uses to manage its cloud-based data storage services.
Expenditure on its software for the current year to date is $4,000,000.
Required:
With reference only to the appropriate accounting standard discuss how the software would be recognised in the general-purpose financial reports of Oracle Cloud both initially and subsequently.
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