The Financial Accounting Standards Board said recently it would issue staff positions to offer guidance on how companies should account for certain tax benefits recently extended to U.S. manufacturers in the latest tax law.
The American Jobs Creation Act of 2004 provides domestic manufacturers a tax deduction of up to 9 percent on certain portions of income as defined in the law. FASB says companies should account for this deduction as a special deduction, not a reduction in the statutory tax rate.
