FASB addresses stranded tax effects in AOCI caused by tax reform (updated as of March 6, 2018)

In depth , PwC US Feb 15, 2018

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FASB final standard permits reclass of stranded tax effects relating to US tax reform, requires additional disclosures.

Overview

On February 14, the FASB issued final guidance in the form of Accounting Standards Update No. 2018-02, which permits - but does not require - companies to reclassify stranded tax effects caused by 2017 tax reform from accumulated other comprehensive income to retained earnings. Additionally, the ASU requires new disclosures by all companies, whether they opt to do the reclassification or not.

To have a deeper discussion about tax reform, please contact:

Brett Cohen

Partner, National Professional Services Group, PwC US

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Kassie Bauman

Managing Director, National Professional Services Group, PwC US

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David Schmid
IFRS & US Standard Setting Leader, National Professional Services Group, PwC US
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