# ASC 740-995: Income Taxes — U.S. Steamship Entities Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/740/995/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T01:21:58.145Z to 2026-09-10T01:22:12.560Z Record version: sha256:3418cdb58e285e0fc9c367a0edfe4be8f76b8f9ded4c60fb95997fa7f4df3cc5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995: Income Taxes — U.S. Steamship Entities ### Machine-generated study aids ```json { "summary": "ASC 740-995 formerly provided industry-specific income tax guidance for U.S. steamship entities, which had been permitted to leave unrecognized deferred taxes on statutory reserve deposits that arose in fiscal years beginning before December 15, 1992. Accounting Standards Update No. 2017-15 superseded every paragraph in the subtopic (05-1, 15-1, 25-1, 25-2, 50-1, 50-2), so no guidance remains. Steamship entities now account for income taxes under the general requirements of Topic 740.", "key_points": [ "Every paragraph of Subtopic 740-995 — including 740-995-05-1, 740-995-15-1, 740-995-25-1, 740-995-25-2, 740-995-50-1, and 740-995-50-2 — was superseded by Accounting Standards Update No. 2017-15.", "The subtopic is now an empty shell: it contains no recognition, measurement, or disclosure requirements that can be applied.", "Because the industry-specific exception is gone, U.S. steamship entities apply the general asset and liability approach of Topic 740 to all temporary differences, including those relating to statutory reserve deposits.", "The grandfathered relief that ASU 2017-15 eliminated applied only to unrecognized deferred taxes originating in fiscal years beginning on or before December 15, 1992.", "Any entity that had relied on the superseded guidance must follow the transition and effective-date provisions in ASU 2017-15 rather than the deleted paragraphs.", "Citing 740-995 as live authority in research or on an exam is an error; the Codification retains the numbering only as a placeholder." ], "categories": [ "Income taxes", "Industry-specific", "Transition and effective dates" ], "audience_level": "intermediate", "student_note": "This subtopic is a good reminder that the Codification keeps empty placeholders after guidance is withdrawn — the practical takeaway is that steamship entities get no special income tax treatment and fall under general Topic 740. The common mistake is quoting a superseded paragraph as if it were still authoritative because the section headings remain in the Codification.", "related_topics": [ "740", "740-10", "740-30", "220-10" ], "key_concepts": [ "superseded guidance", "industry-specific income tax exception", "u.s. steamship entities", "statutory reserve deposits", "unrecognized deferred taxes", "grandfathered temporary differences" ] } ``` Source downloaded (UTC): 2026-09-10T01:21:58.145Z to 2026-09-10T01:21:58.145Z Record version: sha256:8d9e1d96d0b1f5c6753a13033e35c52620560393dfa9543c761987e6b1a0a37d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/740/995/#00-status) SEC content: no ##### [740-995-00-1](https://asc.understandingaccounting.org/asc/740/995/#740-995-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:21:58.145Z to 2026-09-10T01:21:58.145Z Record version: sha256:35ac373bf3d1a6cef03f5983dd5f1223084e6c9d84bac1247cc03b62d5b0db63 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Deferred Tax LiabilitySupersededAccounting Standards Update No. 2017-1512/05/2017
Taxable Temporary DifferenceSupersededAccounting Standards Update No. 2017-1512/05/2017
Temporary DifferenceSupersededAccounting Standards Update No. 2017-1512/05/2017
Temporary DifferenceAmendedAccounting Standards Update No. 2016-1610/24/2016
995-740-05-1SupersededAccounting Standards Update No. 2017-1512/05/2017
995-740-15-1SupersededAccounting Standards Update No. 2017-1512/05/2017
995-740-25-1SupersededAccounting Standards Update No. 2017-1512/05/2017
995-740-25-2SupersededAccounting Standards Update No. 2017-1512/05/2017
995-740-50-1SupersededAccounting Standards Update No. 2017-1512/05/2017
995-740-50-2SupersededAccounting Standards Update No. 2017-1512/05/2017
Source downloaded (UTC): 2026-09-10T01:22:00.710Z to 2026-09-10T01:22:00.710Z Record version: sha256:7e34da7addb29d7a0a8b9f88eee1dad0d241f23079a683ee88fa15da34dead09 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/740/995/#05-overview-and-background) SEC content: no ##### [740-995-05-1](https://asc.understandingaccounting.org/asc/740/995/#740-995-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:22:00.710Z to 2026-09-10T01:22:00.710Z Record version: sha256:0387d598c9b9e051c47e3a5c9c3c78c7dbb7fd1af2c332e1044574e13266d4d8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2017-15](https://asc.understandingaccounting.org/updates/asu-2017-15/). Source downloaded (UTC): 2026-09-10T01:22:03.726Z to 2026-09-10T01:22:03.726Z Record version: sha256:bc17c5481db44ba6e548943ecf20fd5d1b9d33257f5de1c92cc5365dcd88bc0e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/740/995/#15-scope-and-scope-exceptions) SEC content: no ##### [740-995-15-1](https://asc.understandingaccounting.org/asc/740/995/#740-995-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:22:03.726Z to 2026-09-10T01:22:03.726Z Record version: sha256:4e9f2c2e295ab1ff97ff87dc15e9c09f50c1289fdb8bbc8c7296254ef4a55595 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2017-15](https://asc.understandingaccounting.org/updates/asu-2017-15/). Source downloaded (UTC): 2026-09-10T01:22:07.264Z to 2026-09-10T01:22:07.264Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/740/995/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-10T01:22:09.727Z to 2026-09-10T01:22:09.727Z Record version: sha256:0bbd4d4bc5905983578b778e0df8bdc6b065c17544c487774d90c3c4179f88bb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/740/995/#25-recognition) SEC content: no ##### [740-995-25-1](https://asc.understandingaccounting.org/asc/740/995/#740-995-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:22:09.727Z to 2026-09-10T01:22:09.727Z Record version: sha256:ebd53d1a23a9d8c10e8be9ba8932fb0b83d2d9a9aa5ea753eceeb1394d3e3e5b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2017-15](https://asc.understandingaccounting.org/updates/asu-2017-15/). ##### [740-995-25-2](https://asc.understandingaccounting.org/asc/740/995/#740-995-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T01:22:09.727Z to 2026-09-10T01:22:09.727Z Record version: sha256:415237e0438d91d856c04d89aab1ec851004c86ff622cf55a7974bda74692912 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2017-15](https://asc.understandingaccounting.org/updates/asu-2017-15/). Source downloaded (UTC): 2026-09-10T01:22:12.560Z to 2026-09-10T01:22:12.560Z Record version: sha256:9eaf1e195d108bf7abc32ad9162652a8741745b98e4636842b15b4d2246ee0b2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 740-995-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/740/995/#50-disclosure) SEC content: no ##### [740-995-50-1](https://asc.understandingaccounting.org/asc/740/995/#740-995-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:22:12.560Z to 2026-09-10T01:22:12.560Z Record version: sha256:a3058c926bc11d78e8eeb830b77e16074ced62d158379f7fb724d8ee64289254 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2017-15](https://asc.understandingaccounting.org/updates/asu-2017-15/). ##### [740-995-50-2](https://asc.understandingaccounting.org/asc/740/995/#740-995-50-2) Pending content: no Source downloaded (UTC): 2026-09-10T01:22:12.560Z to 2026-09-10T01:22:12.560Z Record version: sha256:04b6002cf185ce21ecb71441604f3b573b3d254510a180b20f8b79ea37627d5a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2017-15](https://asc.understandingaccounting.org/updates/asu-2017-15/).