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FASB Amends Codification Pursuant To SAB 118

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The FASB has issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SAB 118). This new literature amends the codification to reflect specific guidance in SAB 118 related to income tax accounting implications associated with the Tax Cuts and Jobs Act.
May 1, 2018

The FASB has issued ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SAB 118).

This new literature amends the codification to reflect specific guidance in SAB 118 related to income tax accounting implications associated with the Tax Cuts and Jobs Act. In addition, SAB 118 also provides guidance on applying ASC 740, Income Taxes, if the accounting for certain income tax effects of the Tax Cuts and Jobs Act is incomplete when financial statements are issued.


The full text of ASU 2018-05 can be found here.

 

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