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.

Where to find September’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

2022 Payroll Update

Employees working remotely have created numerous issues for employers. The 2022 Payroll Update report provides insight on remote workforce tax issues, pandemic payroll issues and employer credits, and worker classification issues in the gig economy.