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    Technical Line

    A closer look at accounting for the effects of the Tax Cuts and Jobs Act

    Technical Line - A closer look at accounting for the effects of the Tax Cuts and Jobs Act (pdf, 675.5kb)  

    We have updated our Technical Line to incorporate the FASB decision to finalize guidance that would allow entities to reclassify tax effects stranded in OCI by tax reform. We also added discussions of the effect of interest expense deduction limitations on sources of future taxable income and accounting considerations for US Treasury Department and IRS regulations and notices, among other things.

    This document incorporates our views on SAB 118 and provides additional discussion on other accounting effects of the Act, including the views expressed by the FASB staff on the accounting for certain provisions of the Act. It also addresses the accounting implications for companies with fiscal years that end on a date other than 31 December.

     

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