The Financial Accounting Standards Board(FASB)and the International Accounting Standards Board

The Financial Accounting Standards Board(FASB) and the International Accounting Standards Board (IASB) are working together to develop similar standards. Which of the following statements is FALSE?

A) The FASB and IASB have recently issued a joint new standard that provides a globally consistent, converged, and simplified way to recognize revenue.
B) In the retail merchandising industry, the joint new revenue recognition standard has not substantially changed the rules by which revenue is recognized.
C) In the retail merchandising industry, FASB and IASB have historically used different rules for revenue recognition.
D) The joint new revenue recognition standard is based on the idea that all business transactions involve contracts that exchange goods or services for cash or claims to receive cash.