[Gary]

In my Wiley book which is as of January 2016, Current and Non-current deferred taxes aren’t netted. There was a new FASB pronouncement that now allows current/noncurrent DTA and DTL to be netted with eachother. Does anyone know if the FASB pronouncement way of recording DTA/DTL will be tested in the Q4 exam?

AUD 8/18/16
FAR 11/16
BEC 1/17
REG 2/17

[Anonymous]

I think the mandatory start of the new pronouncement is a couple of years out, although voluntary early application is allowed. I don't know how they determine when to start testing according to changed procedures, but my guess is that current and non-current will not allowed to be netted on the exam for a while yet.

However, and this is just a guess, I don't think they ask questions that are directly related to procedures that are in the process of changing. When the ‘right' answer is questionable, a test is considered unreliable. But I think officially, stick with recording current and non-current separately.

[vodrldnr]

https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176167636650&acceptedDisclaimer=true

If it is amended, I think we have to follow the current GAAP practice.

[Author]

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