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FASB Drops Deferred Tax Classification Requirement

Tammy Whitehouse | November 23, 2015

The Financial Accounting Standards Board has given companies an easier way to classify deferred taxes on balance sheets. The solution is simply to no longer classify them.

As part of its effort to simplify accounting standards, FASB heard from stakeholders who said the existing requirement to classify deferred income tax assets and liabilities into “current” and “noncurrent” amounts in the statement of financial position is pointless. As such, FASB proposed to revise accounting rules to say all deferred tax assets should be recognized as noncurrent. Hearing little objection, the board approved...

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