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FASB Simplifies Balance Sheet Presentation of Deferred Taxes

FASB issues Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes simplifying the presentation of deferred income tax assets and liabilities by eliminating the requirement to present current and noncurrent amounts on the statement of financial position. Deferred income tax assets and liabilities are to be presented as noncurrent in a classified statement of financial position. For non-public business entities, the ASU is effective for annual periods beginning after December 15, 2018 (earlier application is permitted).

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