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Big 4 get input on how to treat GILTI under tax law

Tammy Whitehouse | September 5, 2018

Big 4 firms are meeting with standard setters and regulators to get some consensus on how to report certain effects of tax reform when clarity on provisions within the massive tax law is still so elusive.

EY and Deloitte have published updates on their alerts to clients regarding how to explain to investors the effects of the 2017 year-end Tax Cuts and Job Act as directed by the Securities and Exchange Commission under Staff Accounting Bulletin No. 118. In recent meetings with staff members at the Financial Accounting Standards Board and the SEC, the Big 4 firms gained some technical blessing on a two-step method for reporting “global...

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