30 Which of the following statements is not true regarding the adoption of ASC Topic 606 guidance for revenue recognition? 1.25 points Multiple Choice X 01:29:22 Under the cumulative effect, the firm determines how the balance sheet would differ as of the first day of the year of adoption. Upon adoption, entities can choose between the retrospective approach or the cumulative effect approach. When using the cumulative approach, the prior three years of financial statements need to be restated. Under the retrospective approach, each period presented is restated to what the financial statements would have been had the new standard always been in place