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FASB Update Eliminates the Current Portion of Deferred Taxes
Posted by Chrissy Hammond on Tue, Dec 8, 2015 @ 08:00 AM

Entities will soon be required to present deferred tax liabilities and assets as noncurrent in their financial statements. The Financial Accounting Standards Board (FASB) recently released an accounting standards update (ASU) to reduce the complexity in current practice. ASU 2015-17 Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes modifies current generally accepted accounting procedures (GAAP), in which entities separate deferred income tax liabilities into current and noncurrent accounts in their statement of financial position.

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Topics: GAAP, FASB, deferred tax, Financial Accounting Standards Board

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