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FASB proposes technical corrections to Codification

  • FASB document Image

Jun 27, 2017

The FASB has issued two proposed Accounting Standards Updates (ASUs) as part of its ongoing technical corrections project (i.e., the Board’s continuing efforts to clarify the Codification in ways that are not expected to significantly affect current practice or to result in burdensome administrative costs).

One of the proposed ASUs would supersede the guidance for steamship entities in ASC 995 with respect to “unrecognized deferred taxes related to certain statutory reserve deposits.” Specifically, the proposal would require “entities with unrecognized deferred income taxes related to statutory deposits made on or before December 15, 1992, . . . to recognize the unrecognized income taxes in accordance with [ASC] 740.”

The other proposal would eliminate “deferred tax guidance on bad debt reserves of savings and loans that arose after December 31, 1987.” Outdated guidance related to the OCC’s Banking Circular 202 on accounting for net deferred tax charges would also be superseded.

Comments on both proposals are due by August 28, 2017. For more information, see the proposed ASUs related to steamship entities and bad debt reserves on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.