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Comment: FASB update of Topic 220 regarding tax reform bill

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This Grant Thornton comment letter is in support of the FASB’s proposed ASU Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, intended to address practice issues arising from the application of ASC 740, Income Taxes, to new provisions of the recent tax reform legislation. We support the board’s efforts and make a few suggestions on the update based on questions offered for respondents.