This course provides an overview of the accounting and reporting amendments with respect to Accounting Standards Update 2015-11 released by the FASB in July 2015. This ASU is part of the FASB’s Simplification Initiative and applies to entities that measure their inventory using either the first-in first-out (FIFO) or average cost methods. The ASU did not make changes to inventories measured using either last-in first-out (LIFO) or the retail inventory method. Upon completion of this course, you will be able to: Identify the measurement basis used to measure FIFO and LIFO inventories under ASU 2015-11; Recognize how to account for a recovery of an inventory write-down in subsequent periods; Identify the method to be used to implement ASU 2015-11 for inventory.