Question: Question 6 (6 marks) Oracle Cloud commenced business in the current year. It offers cloud-based data storage space for business and private users. It has

Question 6 (6 marks)

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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