Accounting considerations of US tax reform (updated as of January 22, 2018)

In depth Dec 22, 2017

We’ve updated our summary of accounting considerations for US tax reform to reflect recent accounting and regulatory developments.

Overview

Tax reform is now law, and sweeping changes will impact companies beginning in the current fiscal year--including their financial reporting. Among the provisions: a lower corporate tax rate, immediate expensing of certain capital expenditures, an immediate charge for earnings and profits held overseas, increased limitations on interest deductibility, and a host of complex international tax rules and other tax reforms.

Our In depth details the provisions expected to have the most significant impact on US corporations, along with the potential accounting considerations.

This In depth has been updated as of January 22, 2018 to reflect the impact of recent regulatory and accounting developments. The impacted sections have been marked as revised.  

See also our latest In brief publications on tax reform:

Watch a replay of our January 3rd webcast exploring financial reporting implications of US tax reform. Listen to our Tax Accounting Services (TAS) specialists discuss relevant tax accounting matters impacting year-end financial reporting.

Read our tax reform frequently asked questions for our views on the most common questions, covering topics such as accounting for tax reform by non-calendar year ends, asserting indefinite reinvestment in light of tax reform, application of SAB 118, interplay of tax reform with business combinations and goodwill impairments, and more.

To have a deeper discussion about the accounting implications of tax reform, please contact:

Jennifer Spang

Partner, National Professional Services Group

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Richard Levin

US Tax Accounting Services Leader

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Brett Cohen

Partner, National Professional Services Group

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Luke Cherveny

Partner, National Professional Services Group

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