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04 January 2018

FASB to discuss accounting issues arising from tax reform

Note: This Breaking Tax News Bulletin originally reported that the Financial Accounting Standards Board (FASB) planned to issue guidance on accounting for the effects of the newly enacted Tax Cuts and Jobs Act (TJCA). It has been corrected to reflect that the FASB has not yet announced it will issue guidance, but will be reviewing the issues at its January 10, 2018 meeting to determine whether or not guidance will be issued.

The Financial Accounting Standards Board (FASB) announced today that it will discuss issues that have arisen as companies evaluate the accounting for the effects of the Tax Cuts and Jobs Act at its meeting on January 10, 2018.Those issues are:

— Discounting of the one-time transition tax

— Accounting for base erosion anti-deferral taxes

— Consideration of global intangible low-taxed income in deferred tax calculations

— Classification and measurement of AMT credit carryforwards

— Application of SAB 118 to nonpublic entities

A Tax Alert on this announcement is forthcoming.

Document ID: 2018-9001

 

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