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1. Do US GAAP or IFRS give more industry guidance? Give two examples. 2. How is revenue recognition defined under the proposed converged revenue recognition

1. Do US GAAP or IFRS give more industry guidance? Give two examples.

2. How is revenue recognition defined under the proposed converged revenue recognition standard? Why is it significant?

3. What is a performance obligation, why is it important, and what are some indications that a performance obligation has been satisfied?

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