unrecognized deferred taxes

Expenses1

1. 740-995U.S. Steamship Entities740 Income Taxes

   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 Accounting Standards Update No. 2017-15 superseded every paragraph in the subtopic (05-1, 15-1, 25-1, 25-2, 50-1, 50-2), so no guidance remains.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.