FASB #109
Areas not addressed by #109:
- Investment Tax Credit
- Present Value Calculations (ignored for simplicity)
- Interim taxes
Temporary differences now more broadly defined than timing differences because they:
- Are more comprehensive in nature.
- Encompass more items or events than a simple accumulation of timing differences. For our purposes they are basically the same.
Comprehensive interperiod tax allocation still followed--B/S approach.