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One-year delay for FASB No. 96.

ONE-YEAR DELAY FOR FASB NO. 96

The Financial Accounting Standards Board agreed to issue an exposure draft to defer the effective date of FASB Statement 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 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 strategies required by Statement no. 96.

A final statement on the subject is expected before yearend.
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Publication:Journal of Accountancy
Date:Dec 1, 1989
Words:167
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