Elements-ACS Topic 985 (Software). Both ASUS became effective for firms who fiscal year began after June 15, 2010, although early adoption was permitted f both ASUS Exhibit 1 contains selections from the revenue recognition note for seven publie traded U.S. firms. Those notes cover a wide range of revenue recognition issues. Required For each note in Exhibit 1: 1. Explain the revenue recognition rules for each firm. As part of your explanati prepare journal entries for each described method. For each firm, are the revenue recognition methods described in the note reasonable? Explain in detail. In most cases, IFRS accounting rules provide only general revenue recogniti guidelines. For each firm, discuss whether detailed revenue recognition rule are needed. Elements-ACS Topic 985 (Software). Both ASUS became effective for firms who fiscal year began after June 15, 2010, although early adoption was permitted f both ASUS Exhibit 1 contains selections from the revenue recognition note for seven publie traded U.S. firms. Those notes cover a wide range of revenue recognition issues. Required For each note in Exhibit 1: 1. Explain the revenue recognition rules for each firm. As part of your explanati prepare journal entries for each described method. For each firm, are the revenue recognition methods described in the note reasonable? Explain in detail. In most cases, IFRS accounting rules provide only general revenue recogniti guidelines. For each firm, discuss whether detailed revenue recognition rule are needed