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FASB adds SEC-related income tax guidance to Codification

  • FASB document Image

Mar 13, 2018

The FASB has issued Accounting Standards Update (ASU) No. 2018-05, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin [SAB] No. 118.”

The ASU adds seven paragraphs to ASC 740, Income Taxes, that contain SEC guidance related to SAB 118 (codified as SEC SAB Topic 5.EE, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act”).

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

On March 20, 2018, the FASB issued GAAP Taxonomy improvements and implementation guidance related to this ASU. For more information, see the taxonomy improvements page on the FASB's Web site.

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