Norwalk, CT, January 22, 2018—The Financial Accounting Standards Board (FASB) staff today issued four Staff Q&A documents that address various financial accounting and reporting implementation issues related to the Tax Cuts and Jobs Act.
The four Staff Q&As address the following topics:
- 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
These documents are in addition to the initial Staff Q&A document issued on January 11, 2018 regarding whether private companies and not-for-profits can apply SAB 118.
The complete set of Staff Q&As, including PDF versions, can be found on the FASB webpage dedicated to Accounting for the Tax Cuts and Jobs Act.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.