FASB adds income tax accounting topics to its agenda

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Tax accounting insights 08/18/2014 by Tax accounting services
FASB adds income tax accounting topics to its agenda

At a glance

FASB adds income tax accounting topics to its agenda (August 2014).

During its Agenda Prioritization meeting on August 13, 2014, the Financial Accounting Standards Board (‘FASB’ or ‘Board’) added the following two income tax accounting topics to its agenda as part of its broader simplification initiative:

  • Possible elimination of the exception for recognizing deferred taxes on certain intercompany transactions under ASC 740-10-25-3(e), and 
  • Possible classification of all deferred tax assets and liabilities as non-current

The Board also asked the staff for additional research on potentially eliminating the intraperiod tax allocation rules by having income tax expense reported as a single line item.