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SEC relieves year-end tax reform reporting crisis

Tammy Whitehouse | December 26, 2017

With the Tax Cuts and Jobs Act signed into law, the Securities and Exchange Commission has issued guidance explaining its expectations with respect to the related financial reporting requirements.

The Tax Cuts and Jobs Act makes numerous, significant changes to corporate taxation provisions, including a big rate reduction and a paradigm shift in taxation of foreign earnings, which creates a huge change in corporate balance sheets. Under Accounting Standards Codification Topic 740 in U.S. GAAP, companies are required to reflect such changes in tax law in the financial statement period in which the law was enacted.

The SEC issued Staff Accounting Bulletin No. 118 to signal it...

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