11. Regarding ASC Topic 606 guidance for revenue recognition, 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.

12. Depreciation is added back to net income to determine cash from operating activities under the indirect method.

True or False

12. Under U.S. GAAP, cash interest from investments is reported on the statement of cash flows as part of investing activities whereas under IFRS, cash interest from investments is reported as part of financing activities.

True or False