Abstract:The FASB Codification is a key document in financial accounting as it serves the role of authoritative guidance for a majority of the field. The main problem associated with the Codification comes from its unwieldly complexity, which can give rise to corruption in financial reporting, compliance issues, and general difficulty in application. To combat such issues, FASB has undertaken several projects, referred to as the simplification initiative, to reduce complexity in order to provide better cost-benefit usa… Show more
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