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FASB issues statement on income taxes.

The Financial Accounting Standards Board issued Statement no. 109. Accounting for Income Taxes. Statement no. 109 supersedes FASB statement no. 96, Accounting for Income Taxes.

In releasing the statement, FASB Chairman Dennis R. Beresford said, "Statement no. 109 represents a significant change in the way companies will account for income taxes. Past standards in this are, which include Accounting Principles Board Opinion no. 11 and FASB Statement no. 96, were criticized for being unduly complex. Criticism of Opinion no. 11 also focused on the meaningfulness of the information provided, while Statement no. 96 critics cited its prohibition of recognizing tax benefits expected to be realized in future years. The board believes Statement no. 109 appropriately addresses those concerns."

Statement no. 109 will be covered in the Official Releases departments of a forthcoming, Journal. Copies also are available for $10 each from the FASB Order Department, P.O. Box 30816, Hartford, Connecticut 06151, or all (203) 847-0700, ext. 555.
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Title Annotation:Financial Accounting Standards Board
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Apr 1, 1992
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