FASB Codification Topic on U.S. Steamship Entities Nixed
A new Accounting Standards Update (“ASU”) from the Financial Accounting Standards Board (“FASB”) removes Topic 995, U.S. Steamship Entities, from its Codification. The amendments under ASU No. 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995, impact entities with unrecognized deferred taxes linked to statutory reserve deposits made on or before December 15, 1992. The FASB is eliminating the guidance due it no longer being relevant. ASU No. 2017-15 is effective for fiscal years and first interim periods starting after December 15, 2018. Entities will be allowed to adopt the amendments early, including in an interim. Read More.
Eliminating Steamship Entities Guidance Proposed
The Financial Accounting Standards Board (“FASB”) has issued a proposal that would replace Topic 995, U.S. Steamship Entities. The Proposed Accounting Standards Update, Technical Corrections and Improvements to Topic 995, US Steamship Entities: Elimination of Topic 995, was created because the guidance in Topic 995 has become irrelevant. FASB Statement No. 109, Accounting for Income Taxes, allows steamship entities that made statutory reserve deposits prior to December 15, 1992, to voluntarily disclose their deferred taxes. The board believes steamship entities with statutory reserve funds should report all deferred taxes according to Topic 740, Income Taxes. In addition, the FASB deems. Read More.