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U.S. comment letter on intra-entity asset transfers

Published on: May 29, 2015

Deloitte & Touche LLP comments on the FASB's proposed ASU, Intra-Entity Asset Transfers, issued by the FASB on January 22, 2015.

An excerpt from the comment letter is shown below:

We support the Board’s efforts to make improvements to aspects of U.S. GAAP that are unnecessarily complex and costly as part of its simplification initiative. We believe that the proposed ASU furthers these objectives, and we agree that the Board should eliminate the requirement in current U.S. GAAP that prohibits recognition of the current and deferred income tax consequences for an intra-entity transfer until the asset has been sold to an outside party.

Full text of the comment letter is available below.

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