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VSCPA A&A Committee Comments on FASB’s Proposal on Intra-Entity Asset Transfers, Deferred Taxes

September 30, 2018

The VSCPA’s Accounting & Auditing Advisory Committee (A&A) has submitted a comment letter to the Financial Accounting Standards Board (FASB) on its proposed exposure draft, Income Taxes (Topic 740): (1) Intra-Entity Asset Transfers and (2) Balance Sheet Classification of Deferred Taxes.

The VSCPA supported FASB’s proposals on both topics:

  • That an entity recognize the current and deferred income tax consequences of an intra-entity asset transfer when the transfer occurs
  • That all deferred income tax liabilities and assets be presented as noncurrent in a classified statement of financial position

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