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US tax reform – financial reporting considerations

Published on: Feb 15, 2018

On December 22, 2017, the US tax legislation known as the Tax Cuts and Jobs Act (the Act) was signed into law by the President. As a result, recognition of the tax effects of the Act is required in the periods that include December 22, 2017.

There are many Canadian entities that do business in the United States and these new US tax legislative changes will impact the financial reporting for those Canadian entities. These entities should make their best estimate of all effects of the Act in their financial statements and provide disclosures regarding significant judgements and estimation uncertainties as necessary. As new information becomes available, or understanding of the Act is refined in subsequent periods, those estimates should be revised.

This alert discusses how the new US tax legislative changes will impact financial reporting for Canadian entities that do business in the US.


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