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SEC gives relief from tax reform year-end reporting crisis

Tammy Whitehouse | January 9, 2018

Swift guidance from the Securities and Exchange Commission on how to book the effects of tax reform in year-end financials offers companies some welcome relief, but it’s not a free pass on the mountain of work that must be done, nor does it put to rest all accounting questions.

Almost immediately after President Trump signed into law the Tax Cuts and Jobs Act, making sweeping changes to the U.S. tax code only days before the end of 2017, the SEC issued Staff Accounting Bulletin No. 118 to give companies some guidance on how to handle their financial reporting obligations.

Accounting Standards Codification Topic 740 require companies to report the effects of legislation in their financial statements in the period in which the legislation is enacted... To get the full story, subscribe now.