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