The Financial Accounting Standards Board(FASB) and the International Accounting Standards Board (IASB) are working together to develop similar standards. Which of the following statements is FALSE?

A.

The new revenue standard has five steps.

B.

The joint new revenue recognition standard is based on the idea that all business transactions involve contracts that exchange goods or services for cash or claims to receive cash.

C.

The first step in the new revenue standard is to allocate the transaction price to the performance obligations.

D.

The FASB and IASB have recently issued a joint new standard that provides a globally consistent, converged, and simplified way to recognize revenue.