Question
Which of the following statements is not true? a. Prior to ASC Topic 606, U.S. GAAP related to revenue recognition was generally based on industry-specific
Which of the following statements is not true?
a. Prior to ASC Topic 606, U.S. GAAP related to revenue recognition was generally based on industry-specific guidance.
b. A goal was to create a framework that could be applied to any industry and provide similar results for similar fact sets.
c. ASC Topic 606 is based on principles that are radically different from prior guidance.
d. The FASB was involved with deciding to create a single, unifying framework for revenue recognition.
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Auditing and Assurance Services
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
6th edition
978-1259197109, 77632281, 77862341, 1259197107, 9780077632281, 978-0077862343
