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FASB Receives Support for Proposed Tax Reform Guidance

Numerous banking institutions, insurers, and financial trade organizations support the Financial Accounting Standards Board’s (“FASB”) proposed response to the Tax Cuts and Jobs Act. In comment letters on Proposed Accounting Standards Update (“ASU”) No. 2018-210, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income, groups like the American Bankers Association urged the FASB to approve its proposed amendment. Proposed ASU No. 2018-210 aims to reduce the accounting effects of complying with the new tax law and simplify financial statements for investors. The FASB released the proposal after banks and insurance companies raised concerns over certain requirements introduced by the Tax Cuts and Jobs Act. Under. Read More.

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FASB to Propose Removal of Outdated Guidance

Amendments to the disclosure requirements for deferred taxes will be proposed by the Financial Accounting Standards Board (“FASB”). Announced on May 3, the planned changes are part of the FASB’s technical corrections project to remove outdated or flawed accounting requirements from U.S. GAAP. The proposed changes are limited in scope since the guidance is out-of-date and few companies will be impacted. One proposal could include eliminating from the FASB’s Accounting Standards Codification rules that impact privately held fishing vessel owners. The deferred tax credit reporting rule under ASC 995-740-50-2, U.S. Steamship Entities — Income Taxes — Disclosure, originally established for. Read More.

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