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The FASB issued an Accounting Standards Update that will permit entities to reclassify tax effects stranded in accumulated other comprehensive income (OCI) as a result of tax reform to retained earnings. The final guidance gives entities the option to reclassify these amounts, but requires new disclosures, regardless of whether they elect to do so. The guidance is effective for fiscal years beginning after 15 December 2018, and interim periods within those fiscal years. Early adoption in any period is permitted.