On Jan. 27, 2015, FEI’s Committee on Corporate Reporting (CCR) and Committee on Taxation (COT) filed a joint comment letter on the Financial Accounting Standards Board’s (FASB) project on Accounting for Income Taxes: Intra-Entity Asset Transfers and Balance Sheet Classification of Deferred Taxes. The letter expresses concern with the board’s tentative decision on Oct. 22, 2014 to amend ASC 740 and supersede the existing guidance governing the computation of deferred taxes on intra-entity transfers. Specifically, the letter states that the proposed rule “fails to achieve the objectives of the simplification initiative and produces a financial statement result that has the potential to confuse financial statement users and undermine the credibility of financial reporting.” In the letter, the committees request that the board reconsider its tentative decision.