FASB Q&As discuss financial reporting implications of tax law

By Ken Tysiac

FASB addressed financial reporting issues related to P.L. 115-97, the Tax Cuts and Jobs Act, in four staff Q&As posted to its website Monday.

The Q&As address:

FASB also issued a staff Q&A document on Jan. 11 that states that FASB’s staff would not object if private companies and not-for-profits voluntarily apply SEC Staff Accounting Bulletin No. 118.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

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