Simplifying Accounting Standards
What is the Simplification Initiative?The FASB has launched a tightly-focused initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects.
The projects included in the initiative are intended to improve or maintain the usefulness of the information reported to investors while reducing cost and complexity in financial reporting.
In addition to the Simplification Initiative, the FASB recently completed several projects, and currently is working on several projects, that are intended to reduce cost and complexity in financial reporting.
Many suggestions for simplification were identified by our stakeholders. We encourage stakeholders to submit additional ideas for simplification in other areas of accounting. Stakeholders should email their suggestions to firstname.lastname@example.org.
Read more about the FASB’s current projects, and projects that were successfully completed.