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FASB issues Q&A document on tax reform

  • FASB (US Financial Accounting Standards Board) Image

Jan 11, 2018

The FASB has published a Q&A document, “Whether Private Companies and Not-for-Profit Entities [NFPs] Can Apply SAB 118.”

The FASB stated that it would not object if private companies and NFPs apply SEC Staff Accounting Bulletin (SAB) No. 118 related to the income tax accounting implications of the Tax Cuts and Jobs Act, as long as they apply “all relevant aspects of the SAB in its entirety.”

For more information, see the press release and Q&A document on the FASB’s Web site.

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