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FASB ASU No. 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities: Elimination of Topic 995 Why was this ASU issued?

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A provision in the tax code that provided for tax deferral for statutory reserve deposits reached its 25-year expiration in 2017. As a result, FASB ASC 995, U.S. Steamship Entities, was no longer relevant. FASB issued a separate update for the elimination of FASB ASC 995 to increase stakeholder awareness and to expedite improvements to GAAP.

Annual Accounting and Auditing Workshop

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