BDO Knows: ASC 740 - November 2014

November 2014

On October 22, 2014, the FASB (or "Board") affirmed an earlier decision to propose (1) the removal of the intra-entity asset transfer exception, and (2) the removal of the "current" classification of deferred taxes. The Board also decided on a transition method, transition disclosure, and an effective date.  These proposals would be included in a single exposure draft ("ED") expected to be issued in early 2015, followed by a 120-day comment period.