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FASB provides guidance on accounting and financial implications of tax reform

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This New Developments Summary, NDS 2018-03, discusses the accounting and financial reporting implications of the Tax Cuts and Jobs Act of 2017, and has been updated to incorporate the FASB staff’s view on issues generated by tax reform, as well as the recent guidance issued in FASB ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, and other financial reporting developments.