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FASB supersedes guidance related to Circular 202
No significant effects on current practices are expected.
Please note: This item is from our archives and was published in 2018. It is provided for historical reference. The content may be out of date and links may no longer function.
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FASB recently issued amendments to accounting rules to supersede outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges.
Circular 202 has been rescinded and is no longer relevant. FASB issued Accounting Standards Update No. 2018-06, Codification Improvements to Topic 942, Financial Services — Depository and Lending, to supersede the guidance within FASB ASC Subtopic 942-740, Financial Services — Depository and Lending — Income Taxes, that has been rescinded by the Office of the Comptroller of the Currency.
The amendments in the update took effect immediately, and the update is not expected to have a significant effect on current accounting practices.
FASB is adding a cross-reference between Subtopic 740-30, Income Taxes — Other Considerations or Special Areas, and Subtopic 942-740 to improve the codification’s usefulness.
