In June 2014, the Financial Accounting Standards Board (FASB) announced a Simplification Initiative with two related goals: reduce unnecessary complexity of financial reporting and improve (or at least maintain) its decision usefulness. Unlike many accounting pronouncements, most of these simplification projects are limited in scope and relatively short in duration (FASB 2014).
Due to publishing cycles, Intermediate Accounting textbooks may not include these changes, although accounting professors should include them in their course materials. The purpose of this article is to highlight Simplification Initiative updates which are relevant to Intermediate Accounting I and/or II, as well as provide a brief perspective on other accounting changes which impact the courses.
This article is from the Accounting Instructor’s Resource, an electronic journal that provides teaching tips and insights to those who teach accounting and other business courses.
Dr. Thomas H. Oxner, University of Central Arkansas
Dr. Karen M. Oxner, University of Central Arkansas