use the online Professional View of the FASB Accounting Standards Codification (ASC) to answer several questions in a written report.

In the entire report, be sure to use quotation marks whenever you are not using your own words

For the third set of questions, be sure to write your answer in a way that clearly identifies the question you are answering.

Changes to the codification (10 points) In July 2015, the FASB issued an Accounting Standards Update (ASU) regarding the simplification of the measurement of inventory. Find the appropriate ASU, read it and answer the following questions, indicating the page number of the ASU where you found the answer.

1. The lower of cost and net realizable value rule is applicable to inventory measured using any method other than LIFO or the retail inventory method. How is net realizable value described?

2. Prior to this ASU, the rule of lower of cost or market rule could be applied to each item of inventory, the sub-total of each major category or inventory, or the total of inventory. Is this also true of the new lower of cost and net realizable value rule?

3. The FASB has seven members. Did all seven members vote to approve this ASU? (Note: An affirmative vote is yes and dissent is a no vote.) If not, briefly describe any information provided about why FASB members did not vote to approve.

4. In the Background Information and Basis for Conclusions section, the FASB provides some explanation of their decisions regarding this ASU. Prior to issuing this ASU, the FASB released a proposed Update for public comment. Briefly summarize the opinions of stakeholders who wrote comment letters to the FASB, and the action the FASB took in response to some concerns that were raised.

5. Does this ASU make U.S. GAAP more similar to, or different from IFRS? Explain.