The converged standard on revenue recognition entitled Revenue from Contracts with Customers was developed because:
(a) GAAP had only one basic standard on revenue recognition
(b) GAAP had numerous standards related to revenue recognition
(c) IFRS had numerous inconsistent standards on revenue recognition.
(d) GAAP had more of a principles-based approach.
Ans: (b) GAAP had numerous standards related to revenue recognition
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