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Jan. 22 — The Financial Accounting Standards Board issued two proposals aimed at simplifying accounting rules for income tax consequences resulting from intra-entity asset transfers and the presentation of deferred income taxes.
FASB said Jan. 22 it is seeking comments by May 29 on the proposals, which are jointly titled, “Income Taxes (Topic 740): I. Intra-Entity Asset Transfers and II. Balance Sheet Classification of Deferred Taxes.” They would amend ASC 740.
Both proposals are part of the FASB's simplification initiative, which is aimed at improving areas of U.S. generally accepted accounting principles (GAAP) for which cost and complexity can be reduced.
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