FASB Issues Four Staff Q&A Documents
on Implementation Issues Related to the Tax Cuts and Jobs Act
Norwalk, CT, January 22, 2018—The Financial Accounting Standards Board (FASB)
staff today issued four Staff Q&A documents that address various
financial accounting and reporting implementation issues related to the
Tax Cuts and Jobs Act.
The four Staff Q&As address the following topics:
These documents are in addition to the initial Staff Q&A document issued on January 11, 2018 regarding whether private companies and not-for-profits can apply SAB 118.
The complete set of Staff Q&As, including PDF versions, can be found on the FASB webpage dedicated to Accounting for the Tax Cuts and Jobs Act.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector,
not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and
private companies and not-for-profit organizations that follow Generally
Accepted Accounting Principles (GAAP). The FASB is recognized by the
Securities and Exchange Commission as the designated accounting standard
setter for public companies. FASB standards are recognized as
authoritative by many other organizations, including state Boards of
Accountancy and the American Institute of CPAs (AICPA). The FASB
develops and issues financial accounting standards through a transparent
and inclusive process intended to promote financial reporting that
provides useful information to investors and others who use financial
reports. The Financial Accounting Foundation (FAF) supports and oversees
the FASB. For more information, visit www.fasb.org.