ASU 2015-17 — Income Taxes (Topic 740)

Topic 740, Income Taxes, requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. Deferred tax liabilities and assets that are not related to an asset or liability for financial reporting are classified according to the expected reversal date of the temporary difference.

To simplify the presentation of deferred income taxes, the amendments in this Update require that deferred income tax liabilities and assets be classified as noncurrent in a classified statement of financial position.

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2015-210—Income Taxes (Topic 740).

For more information, see the following:

Issued: November 20, 2015