The amendments in this Update simplify the accounting
for income taxes by removing certain exceptions to the general principles
in Topic 740, Income Taxes. The amendments also improve consistent
application or and simplify GAAP for other areas of Topic 740 by clarifying
and amending existing guidance.
This Accounting Standards Update is the final
version of Proposed Accounting Standards Update 2019-700—Income Taxes (Topic 740)—Simplifying the
Accounting for Income Taxes, which has been deleted.
Accounting Standards Update No. 2019-12
Issued: December 18, 2019