FASB’s Simplification Standards
The Financial Accounting Standards Board (FASB) has issued numerous standards under its simplification initiative and plans to issue more. These tightly focused standards are designed to simplify accounting while improving or maintaining the usefulness of information reported to investors and other users of financial statements. Reduced complexity in accounting standards generally means reduced costs for preparers and auditors. BKD has updated its summary of completed and pending simplification projects, including one applicable to employee benefit plans. Many standards are effective in 2016, and entities may early adopt others. Links to corresponding BKD Thoughtware® are provided.