Month: January 2018

Technical Line – A closer look at accounting for the effects of the Tax Cuts and Jobs Act

Go to Source Author: We have updated our Technical Line to incorporate the SEC staff’s views on SAB 118 considerations for GILTI provisions as well as on the effects of the Act on after-tax hedging of foreign currency risk. This document also incorporates our views on SAB 118 and provides additional discussion on other accounting effects of the Act, including the views expressed by the FASB staff on the accounting for certain provisions of the Act. It also addresses the accounting implications for companies that use fiscal years that end on a date other than 31...

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To the Point – FASB staff to publish its views on tax reform accounting issues, FASB proposes guidance on related issue

Go to Source Author: The FASB staff discussed its views on four issues related to accounting for the effects of the Tax Cuts and Jobs Act with the FASB and the EITF today and said final Q&A documents will be posted on the FASB website shortly. The FASB also issued a proposal that would require entities to reclassify from accumulated other comprehensive income to retained earnings stranded tax effects resulting from the new federal corporate income tax rate. We have updated our Technical Line, A closer look at accounting for the effects of the Tax Cuts and Jobs Act, to reflect these developments and our discussion of other practice...

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EITF Update – January 2018

Go to Source Author: The EITF reached a consensus-for-exposure on customer’s accounting for implementation, setup, and other upfront costs (implementation costs) incurred in a cloud computing arrangement that is considered a service...

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To the Point – FASB revises proposal to amend new guidance on recognizing and measuring financial instruments

Go to Source Author: The FASB tentatively decided to revise its proposal to amend the new guidance on recognizing and measuring financial instruments to require an entity that voluntarily discontinues using the new measurement alternative for an equity security without a readily determinable fair value to measure that security and “all identical or similar investments of the same issuer” at fair value. Entities that make this change would not be permitted to measure subsequent purchases of identical or similar investments of the same issuer under the measurement alternative. The FASB directed the staff to draft a final...

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