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SEC issues guidance on tax reform law

  • SEC (US Securities and Exchange Commission) Image

Dec 22, 2017

The SEC has issued Staff Accounting Bulletin No. 118 (“SAB 118”) and Exchange Act Form 8-K Compliance and Disclosure Interpretation Question 110.02 (“C&DI Question 110.02”) in response to the passage of the Tax Cuts and Jobs Act.

As stated in the SEC’s December 22, 2017, press release, SAB 118 provides the SEC staff’s views on the “application of U.S. GAAP when preparing an initial accounting of the income tax effects of the Act.” C&DI Question 110.02 provides views on the “applicability of Item 2.06 of Form 8K with respect to reporting the impact of a change in tax rate or tax laws pursuant to the Act.”

For more information, see the press release, SAB 118, C&DI Question 110.02, and the joint statement by SEC Chairman Jay Clayton and SEC Commissioners Kara Stein and Michael Piwowar on the SEC’s Web site.

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