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FASB plans to finalize tax reform guidance

Tammy Whitehouse | February 9, 2018

The Financial Accounting Standards Board plans to finalize by Feb. 16 guidance that will allow entities to reclassify certain tax effects in equity as a result of recent tax legislation.

Companies are required to reflect the accounting consequences of the Tax Cuts and Jobs Act in their fourth-quarter financial results because the legislation was enacted into law before the end of 2017. The FASB was flooded with unsolicited requests for action to address some concerns over how the rules would treat stranded tax effects sitting in the line item called “accumulated other comprehensive income” on the equity statement of corporate balance sheets.

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