You are a senior accountant at a fast growing biomedical firm, which recently established its headquarters in Laredo. As part of your duties, you are reviewing accounting policies used by the firm to prepare their financial statements. While your firm is privately owned by a few major shareholders, their plan is to go public in the near future. As a privately owned firm with no outstanding debt, the financial reporting process has not always kept up with new accounting standards, so the financial statements do not comply with current generally accepted accounting policies in the US (US GAAP) in all respects. The companys current policy on revenue recognition has not been updated for the changes promulgated by the Financial Accounting Standards Board (FASB) on Revenue Recognition for Contracts with Customers, Accounting Standards Codification (ASC) 606. The current revenue recognition policy accelerates the recognition of revenue far beyond what would reasonably be acceptable to outside scrutiny by the auditors and the Securities and Exchange Commission (SEC). The CFO has argued strongly that there is no need to change their current policy of recognizing revenue because the new standards make no sense. Your boss has tasked you with changing the CFOs mind. You are required to search at least three to five papers, news, and regulation articles on revenue recognition and write a three-page research paper on this topic in a word document. In this paper, you should: (1) Provide a background on 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; and (4) Conclude your point of view on this topic