ST Convergence with IASB. SFAS No. 151 – Inventory Costs . Part of the “international convergence” project. Clarifies that abnormal costs of idle facilities should not be capitalized as product costs. Companies should use “normal capacity” for the allocation of overhead.
SFAS No. 157
Signs of the Future!
A change in valuation technique is a change in accounting estimate, not a change in accounting principle
Optional use of fair value for certain assets and liabilities