FASB to Propose Removal of Outdated Guidance
Amendments to the disclosure requirements for deferred taxes will be proposed by the Financial Accounting Standards Board (“FASB”). Announced on May 3, the planned changes are part of the FASB’s technical corrections project to remove outdated or flawed accounting requirements from U.S. GAAP. The proposed changes are limited in scope since the guidance is out-of-date and few companies will be impacted. One proposal could include eliminating from the FASB’s Accounting Standards Codification rules that impact privately held fishing vessel owners. The deferred tax credit reporting rule under ASC 995-740-50-2, U.S. Steamship Entities — Income Taxes — Disclosure, originally established for. Read More.