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Tax reform pace could produce major year-end reporting

Tammy Whitehouse | November 15, 2017

The pace of tax reform talk in Congress merits the careful attention of every public company preparer because it could lead to a scramble in year-end financial reporting.

Regardless of when the various provisions of any new tax rules might take effect, GAAP requires companies to report the effects of those provisions in the period they are enacted. That means if new tax law is passed before 2017 ends, companies must be prepared to report the expected effects of that new law in their 2017 year-end financial statements.

Grant Thornton is sufficiently concerned that it’s alerting...

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