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FASB discusses tax reform

  • FASB meeting Image

Jan 11, 2018

At its January 10, 2018, meeting, the FASB discussed the financial reporting effects of the Tax Cuts and Jobs Act.

The Board decided to add the following projects to its agenda:

  • A narrow-scope project on the “reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from the newly enacted corporate tax rate in the Tax Cuts and Jobs Act.”
  • A broader project on “accounting for subsequent effects of changes in deferred tax liabilities and assets that were originally charged or credited directly to equity (‘backwards tracing’).”

In addition, the Board made tentative decisions related to transition method and disclosures as well as the potential early adoption provisions and effective date of the proposed amendments. The Board directed its staff to begin drafting a proposed ASU for a vote by written ballot.

For more information, see the meeting minutes on the FASB’s Web site.

Correction list for hyphenation

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