FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act, on Wednesday in an effort to provide financial statement preparers with timely answers to questions they have posed.
The board considered five implementation issues and agreed to propose a one-time reclassification from accumulated other comprehensive income to retained earnings for certain tax effects resulting from the newly enacted corporate tax rate.
The implementation issues that were decided will be communicated to stakeholders through a Q&A to be posted to a new FASB website dedicated to tax reform. Those issues were decided as follows: