ASU 2017-15 — Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995

The amendments in this Update supersede Topic 995, U.S. Steamship Entities, because its guidance is no longer relevant. FASB Statement No. 109, Accounting for Income Taxes, provided an option in the reporting of deferred taxes for steamship entities that had statutory reserve deposits that were made before December 15, 1992. The Department of Transportation program from which these statutory reserve deposits originate and the Internal Revenue Service (IRS) provide a 25-year time frame in which to use the reserves or forfeit the tax deferral. The Board decided that all steamship entities with statutory reserve funds should be reporting all deferred taxes in accordance with Topic 740, Income Taxes, and that the guidance in Topic 995 on transitioning to the requirements of Topic 740 is no longer relevant because statutory funds deposited on or before December 15, 1992, have reached the 25-year limit.

This Update is the final version of Proposed Accounting Standards Update 2017-250—Technical Corrections and Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995.

Issued: December 5, 2017