Continuing to Improve US GAAP by Reducing Complexity: Due to continued feedback from stakeholders concerning complexity in GAAP, FASB added to its technical agenda some long-term and short-term simplification projects. FEI continues to respond to proposals in this area. In January, FEI’s Committees on Corporate Reporting and Taxation filed a joint-comment letter in response to the Board’s tentative decision on Oct. 22, 2014 to amend ASC 740 and supersede the existing guidance governing the computation of deferred taxes on intra-entity asset transfers — Accounting for Income Taxes: Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes.Finalizing Its Major Projects with the IASB: Remaining major joint projects include Accounting for Financial Instruments, Leasing, and Insurance (both long-duration contracts and short-duration contracts). FEI has issued numerous comment letters on these three projects and monitors ongoing developments to help educate our membership.Continuing to Promote International Cooperation among Standard Setters: Although the era of bilateral work with the IASB is coming to an end, the FASB remains committed to the goal of creating more comparable standards worldwide. FASB will continue to participate in the development of IFRS as a member of the IASB’s Accounting Standards Advisory Forum (ASAF).Making the US GAAP Codification More User Friendly: In 2015, FASB is embarking on a new initiative to improve the readability of the FASB Accounting Standards Codification. FASB and FAF are planning to design a new feature that will allow users to tailor their view of the Codification to their specific organizational type as well as early adoption options.