The Financial Accounting Standards Board has added five more projects to its agenda for simplifying accounting standards, including short-term projects related to debt and tax accounting.
Last month, FASB proposed two projects for simplifying the process of inventory measurement and eliminating the requirements for extraordinary items (see FASB Proposes to Simplify Inventory Measurement). The goal of the simplification initiatives, according to FASB, is to reduce cost and complexity in financial reporting while improving or maintaining the usefulness of the information reported to investors. At a board meeting last week, FASB added five more projects to the agenda and discussed a number of others.
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