Jul 18, 2014
From the Financial Reporting Network
This edition of Defining Issues reports that, based on feedback from its constituents, the FASB is working on several projects to reduce unnecessary complexity in U.S. GAAP. As part of that initiative, the Board recently released two proposed Accounting Standards Updates. One is intended to simplify the inventory impairment model. The other proposal would eliminate the presentation of extraordinary items from the income statement.