The Financial Accounting Standards Board has issued an accounting standards update to improve how deferred taxes are classified on the balance sheet.
FASB is issuing the update as part of its simplification initiative to reduce complexity in accounting standards. The update eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will now be required to classify all deferred tax assets and liabilities as noncurrent.
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