Changes in the new tax law will trigger accounting changes under guidance for income taxes that will affect financial reporting for periods that include the law's effective date, Dec. 22, 2017. Accounting changes will affect financial statements, so it’s critical entities understand what accounting changes will need to be made in order to explain the reason for the changes to their financial statement users. Learn more in our related Substance of the Standard: Accounting Impacts of Tax Reform.

Published on February 20, 2018