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(a) Why did the FASB and the IASB issue the new revenue standard, Revenue from Contract with Customers (ASC Topic 606 and IFRS 15)? How

(a) Why did the FASB and the IASB issue the new revenue standard, Revenue from Contract with Customers (ASC Topic 606 and IFRS 15)? How many years did it take the two boards to converge their revenue recognition standard? Provide a conjecture on why it took the boards that long.

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