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Highlights from the FASB’s May 13 meeting

  • FASB meeting Image

May 14, 2015

At its May 13, 2015, meeting, the FASB discussed its projects on leases and simplifying the subsequent measurement of inventory.

  • Leases — The FASB discussed certain issues identified during the drafting of the lease accounting standard and (2) the next steps in the leases project. For more information, see Deloitte’s related journal entry and the meeting minutes on the FASB's Web site.
  • Simplifying the subsequent measurement of inventory — After discussing the results of its outreach to auditors, the FASB tentatively decided to issue final guidance that is generally consistent with the proposed ASU; however, the ASU will not apply to entities that measure inventory by using either the last-in, first-out inventory measurement method or the retail inventory method given the unique challenges presented by those approaches. For more information, see Deloitte’s related journal entry and the meeting minutes on the FASB's Web site.

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