Final answer:
ASU 2015-17 requires the classification of all deferred tax liabilities and assets to be noncurrent and became effective for public entities' annual reporting periods after December 15, 2016, and for nonpublic entities after December 15, 2017.
Step-by-step explanation:
The student is inquiring about ASU 2015-17, which relates to the balance sheet classification of deferred taxes in accounting. Specifically, the new presentation requirements mandated by ASU 2015-17 simplify the process by requiring all deferred tax liabilities and assets to be classified as noncurrent in a classified balance sheet. The simplification eliminates the previous requirement to separate deferred taxes into current and noncurrent amounts. The effective date for these new presentation requirements for annual reporting periods began after December 15, 2016, for public entities, and for nonpublic entities, the changes apply to annual periods beginning after December 15, 2017.