United States:
SEC Provides Staff Guidance On Accounting Effects Of Tax Reform Package
08 January 2018
Kramer Levin Naftalis & Frankel LLP
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The SEC published staff guidance for publicly traded companies,
auditors and others to help ensure timely public disclosures of the
accounting impacts of the Tax Cuts and Jobs Act. Specifically, the
staff of the Office of the Chief Accountant and the Division of
Corporation Finance issued the following interpretations:
- Staff Accounting Bulletin No. 118 expresses
views of the staff regarding application of U.S. GAAP when
preparing an initial accounting of the income tax effects of the
act; and
- Compliance and Disclosure Interpretation
110.02 expresses views of the staff regarding the applicability
of Item 2.06 of Form 8-K with respect to reporting the impact of a
change in tax rate or tax laws pursuant to the act.
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