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FASB enhances depository and lending guidance

  • FASB document Image

May 08, 2018

The FASB has issued Accounting Standards Update (ASU) No. 2018-06, “Codification Improvements to Topic 942, Financial Services — Depository and Lending.”

The ASU supersedes the guidance in ASC 942-740, Financial Services — Depository and Lending — Income Taxes, as a result of the OCC’s rescission of its Banking Circular 202, Accounting for Net Deferred Tax Charges.

For more information, see the ASU on the FASB’s Web site.

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