REINVENTING REVENUE RECOGNITION Before ASC 606 revenue recognition requirements in the U.S. were industry--specific resulting in different accounting for similar transactions. This matters because two similar companies could report different financial results based on how the accounting team and auditing team interpreted the existing\r
GAAP guidelines. Outside USA and FASB jurisdiction, the IFRS provided limited guidance on revenue recognition, so\r
complex transactions were difficult to address.
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