FASB Issues Staff Q&A Documents on Tax Reform
Four recently issued Staff Q&A documents from the Financial Accounting Standards Board (“FASB”) address implementation topics associated with the Tax Cuts and Jobs Act. The documents follow the January 11 issuance of a Staff Q&A that addresses whether private entities and nonprofits can apply Staff Accounting Bulletin No. 118.
The new Staff Q&As are as follows and are accessible on the FASB’s Accounting for the Tax Cuts and Jobs Act website:
- Whether to Discount the Tax Liability on the Deemed Repatriation
- Whether to Discount Alternative Minimum Tax Credits That Become Refundable
- Accounting for the Base Erosion Anti-Abuse Tax
- Accounting for Global Intangible Low-Taxed Income