One-year delay for FASB No. 96.ONE-YEAR DELAY FOR FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). NO. 96 The Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). agreed to issue an exposure draft to defer the effective date of FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting no. 96, Accounting for Income Taxes. The deferral would be for 12 months, to fiscal years beginning after December 15, 1990. In July, the board said it would propose delaying implementation of the statement until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 1990 so companies would not have to use Statement no. 96 until they issued interim financials for the 1990 fourth quarter. In its latest announcement, the board said a longer delay may be required to allow additional amendments to the statement. The board said it considered and tentatively eliminated from further consideration requests for an amendment of the criteria for recognition and measurement of deferred tax assets. It will, however, pursue further the possibility of an amendment that would reduce the complexity that results from scheduling and the tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. strategies required by Statement no. 96. A final statement on the subject is expected before yearend. |
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