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FASB defers income tax statement for two years.

FASB DEFERS INCOME TAX STATEMENT FOR TWO YEARS

The Financial Accounting Standards Board deferred the effective date of its Statement no. 96, Accounting for Income Taxes, for two years, to fiscal years beginning after December 15, 1991. The board had originally proposed to defer Statement no. 96 to fiscal years beginning after December 15, 1990.

The board agreed to a two-year deferral, according to FASB practice fellow John Gribble, because it believes a one-year period would not allow sufficient time to fully consider requests to amend the statement. "Also," Gribble said, "the board believes that whether or not an amendment results from considering those requests, financial statement preparers still need time to complete their preparations for implementing the standard."
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Author:Baliga, Wayne J.
Publication:Journal of Accountancy
Date:Feb 1, 1990
Words:119
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