This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FASB issues ASU superseding ASC 995

  • FASB document Image

Dec 06, 2017

The FASB has issued Accounting Standards Update (ASU) No. 2017-15, “Codification Improvements to Topic 995, U.S. Steamship Entities — Elimination of Topic 995.”

The ASU superseded the guidance for steamship entities in ASC 995 with respect to “unrecognized deferred taxes related to certain statutory reserve deposits.” Specifically, the ASU requires 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.”

For more information, see the ASU 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.