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FASB responds to post-implementation review of Statement 109

  • FASB (US Financial Accounting Standards Board) Image

Dec 03, 2013

The FASB has released its response to the post-implementation review (PIR) on FASB Statement No. 109, “Accounting for Income Taxes.” The FASB acknowledged the findings in the PIR report which stated "Statement 109 adequately resolved the issues underlying its stated need, but may not have reduced the complexity associated with accounting for income taxes."

In its response, the FASB said it would continue to analyze the findings in the PIR report, including seeking input from financial statement users, preparers, auditors, and others. The objective of the outreach is to understand stakeholders’ specific concerns and determine whether there are any cost-effective solutions to address the concerns.

For additional information, see the press release and the response letter on the FASB's Web site.

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