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Read the article U.S. Tax and FASB's New Paradigm for Revenue Recognition, then answer the following question: How have the recent revenue recognition standards affected the book/tax accounting?
In response to your peers, compare your ideas to your peers' ideas and discuss any differences.
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Answered 3 days After Sep 19, 2023

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Prince answered on Sep 23 2023
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The Impact of Revenue Recognition Standards on Book and Tax Accounting
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23rd Sep 2023
The recent implementation of ASC Topic 606, Revenue from Contracts with Customers, has led to significant changes in financial accounting for revenue recognition that also impact tax accounting. Under the new standards, companies must use more judgment and estimates in areas like identifying performance obligations and determining variable consideration. This contrasts with the previous tax rules like the "all events test" that required a fixed right to income for tax recognition...
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