President Trump signed the tax reform bill Dec. 22, 2017, which is the date of enactment. Financial statements with balance sheets on or after this date will disclose information about the tax law change and recognize the impact of the new tax law on deferred taxes. Financial statements with balance sheets prior to that date will disclose the effect of the change in tax law if it is material to the financial statements, but will not recognize any changes. All SEC registrants should also consider discussion of the change in their management discussion and analysis (MD&A).
These are the top five issues to be dealt with in preparing Dec. 31, 2017 financial statements:
Published on January 02, 2018