Topic: Statement of Financial Accounting Standards No. 151 Inventory costs

1. -Some background leading up to the final decision (e.g., comments was received, an Exposure Draft issued, or a public hearing was held, etc.)
2. -A general description of FASB final decision to the issue and the rationale behind the final decision
3. -Discuss in what ways the final decision complies with the Conceptual Framework and/or in what ways it doesnt.
4. - Provide a general description of the issue and an explanation of why it was an issue or why it was controversial
5. -Your view and comments on whether the standard setters solution was a good solution.