Click here to download the Accounting Standards Update. The standard also provides more opportunities for cost savings for preparers, and improves the relevance of information provided to users of financial statements. Click here to download the Accounting Standards Update.ĭevelopment Stage Entities: The FASB issued a standard in June 2014 that simplifies the accounting guidance by fostering more consistent consolidation analyses and decisions among public and private development stage organizations. The standard revises the criteria for reporting a discontinued operation, resulting in more useful financial reporting for investors while eliminating an unnecessary source of cost and complexity for preparers. Below are some recently completed FASB projects that, while not part of the Simplification Initiative, did simplify some elements of GAAP:ĭiscontinued Operations: The FASB issued a standard in April 2014 that improves accounting standards by more faithfully representing when a company or other organization discontinues its operations.
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