FASB Staff Issues Taxonomy Improvements and Implementation Guidance for Tax Cuts and Jobs Act
Feb 26, 2018
On February 26, 2018, the Financial Accounting Standards Board (FASB) staff issued GAAP Taxonomy improvements and implementation guidance related to the Tax Cuts and Jobs Act reporting requirements included in Accounting Standards Update (ASU) 2018-02, "Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" and SEC Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118)".
The Release Notes include the following:
- Taxonomy Elements for inclusion in the 2019 U.S. GAAP Taxonomy
- Illustrative Examples tagging disclosures for both the ASU and SAB 118
Review the press release and Release Notes on the FASB's website.
