ACTP 5007Research project:Topic: Revenue recognitionIn three to five DOUBLE-spaced pages, answer the following questions:Background:Many of the restatements filed over the last decade have been a result of revenuerecognition errors. As a result, revenue recognition has become an increasinglyimportant topic in accounting.1.What is FASB’s current stance on Revenue Recognition? (When can revenue be recognized?)2.Historically, what have been the implications for companies that issue restatements as a result of revenue recognition errors in the short term?3.What is the FASB/IASB Revenue Recognition Project and what does it hope to accomplish? (Be sure to touch on the differences between Revenue Recognition under FASB vs. IFRS).4.There have been many high-profile cases where companies have beeninvestigated by the SEC for revenue recognition errors and possiblefraud.