Recently, the effects from Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) have been seen in most public firms. While many firms indicated that adoption of the new revenue recognition principle had no effect upon the timing of their revenue recognition, some firms indicated the new principle had significant effects upon their statements. For the firms where the new principle affected the timing of revenue, did the new revenue recognition principle speed or slow revenue recognition. Explain.

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Five years after the Financial Accounting Standards Board FASB first gave new income acknowledgment rules we at last get to see its effect on revealed ... View the full answer