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SEC offers guidance on accounting effects of Tax Cuts and Jobs Act

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Dec 22, 2017

On December 22, 2017, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 118 and Compliance and Disclosure Interpretation 110.02, which give companies some leeway as they prepare their quarterly financial statements after passage of the Tax Cuts and Jobs Act.

The SEC issued SAB No. 118 laying out the views of the SEC staff about applying U.S. GAAP when preparing an initial accounting of the income tax effects of the Act. It also issued Compliance and Disclosure Interpretation 110.02, which gives the views of the SEC staff about the applicability of  Item 2.06 of Form 8-K in terms of reporting the impact of a change in tax rate or tax laws in terms of the new Tax Cuts and Jobs Act.

Review the full article on Accounting Today's website.

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