$1.$ Please explain converged accounting standards that cover revenue recognition and lease accounting.

$2.$ What was different from before the company adopted the new accounting standard?

$3.$ What was the result or conclusion of the financial statement impact of implementing the new standard on the results of operations and$/$or the financial condition?

$4.$ How might practitioners potentially apply and implement that new standard in the annual report in the real world?

Answer rating: 100% (QA)

1 Converged Accounting Standards for Revenue Recognition and Lease Accounting Converged accounting standards refer to the process of aligning accounting standards across different jurisdictions or acc... View the full answer