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FASB plans to change income classification under tax law

Tammy Whitehouse | January 11, 2018

The Financial Accounting Standards Board has decided it will fast-track a change to accounting rules to reclassify the income tax effects of recent tax reform legislation as advocated by the financial services sector.

While the American Bankers Association is encouraged by FASB’s willingness to move forward, the timing will still be tricky for companies, given how soon reporting needs to occur and how long it takes for rules to change, even under a compressed time line.

FASB not only opened a project but also tentatively decided at its most recent open meeting that it will allow entities to reclassify certain tax effects of the Tax Cuts and Jobs Act from “accumulated other...

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