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FASB launches simplification initiative

  • FASB (US Financial Accounting Standards Board) Image

Jun 11, 2014

The FASB has launched a simplification initiative aimed at reducing the costs and complexity associated with financial reporting. The Board will add to its agenda narrow-scope projects identified by stakeholders as opportunities to simplify GAAP in a relatively short time frame.

At its May 28, 2014, meeting, the FASB added the first two initiative projects to its agenda: (1) simplifying the measurement of inventory and (2) simplifying income statement presentation by eliminating extraordinary items.

The FASB is asking stakeholders to submit their suggestions for simplifying GAAP to the Board.

For more information, see the press release on the FASB’s Web site.

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