FASB Unveils Plan to Simplify Inventory, Extraordinary Items

In its quest to simplify accounting standards, the Financial Accounting Standards Board has issued two new proposals — one to make it easier to measure inventory, another to eliminate requirements around extraordinary items. The motivation behind FASB’s simplification initiative is to look for ways to revise accounting standards so that the cost and complexity is reduced, but the usefulness of information to investors is maintained or improved.
Source: Accounting and Auditing