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120 words for each question please (1) Provide a background of the previous revenue recognition standard (2) State the limitations and criticisms of the previous

120 words for each question please

(1) Provide a background of the previous revenue recognition standard

(2) State the limitations and criticisms of the previous revenue recognition standard

(3) Explain how the newly converged standard ASC 606 Revenue from Contracts with Customers is different than the previous standard

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