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Please review the recent revision on the US revenue recognition policy (issued in May 2014)...

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Accounting

Please review the recent revision on the US revenue recognition policy (issued in May 2014) and summarize it. You should go to the FASB website to confirm the revision. Also please discuss how the revised one can (or cannot) improve quality of accounting information in the market. You should discuss the five steps of the core principle to recognize revenue

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