FASB #109
Overview of FASB #109:
- Same basic approach as #96 but simplified.
- Broader recognition of deferred tax assets (use of valuation allowance).
- Extended effective date to December 1992.
- Applied to:
- Domestic federal income taxes and taxes based on income.
- Domestic and foreign operations accounted for under the equity method.
- Foreign entities that conform to GAAP.