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
FASB Q&A Issued for Staff Accounting Bulletin on Tax Reform
The Financial Accounting Standards Board (“FASB”) has published a Staff Q&A regarding whether private entities and nonprofits can apply Staff Accounting Bulletin (“SAB”) No. 118 (Topic 5.EE, Income Tax Accounting Implications of the Tax Cuts and Jobs Act). In its Staff Q&A, the FASB says it does not oppose private entities and nonprofits applying the Securities and Exchange Commission’s interpretive guidance for tax reform . The document also notes that such companies and organizations that employ SAB No. 118 would comply with GAAP. SAB No. 118 was issued in response to the Tax Cuts and Jobs Act. The guidance allows an entity, in certain situations, to include in its financial statements. Read More.
Topics: FASB, FASB Staff Q&A, Financial Accounting Standards Board "FASB", Nonprofits, SEC Interpretive Guidance, Securities and Exchange Commission "SEC", Staff Accounting Bulletin "SAB", Tax Cuts and Jobs Act, Tax Reform