1) Over the years, various standards have included language stating that a standard is applicable if an item is material. Retaining such individual materiality references in the Codification could lead users to believe that materiality applies to one set of standards, but not another. To provide greater consistency, the Codification excludes individual materiality references.
Reference: Financial Accounting Foundation, (v 4.7 edition, sections Codification matters)
Class, your thoughts on issuance of FASB Statement No. 168!
2) Go to http://www.fasb.org and click on the “Board Activities” tab at the top of the page. Describe something that the board is working on with respect to codification or IFRS.
3) Class, what are your thoughts on eliminating redundant content?