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The FASB issued final guidance to simplify the accounting for income taxes. The new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. Our Technical Line highlights key accounting and financial reporting implications of the new standard. Early adoption is permitted for all entities.