AccountingLink

    .

    Technical Line

    A closer look at accounting for the effects of the Tax Cuts and Jobs Act

    Technical Line - A closer look at accounting for the effects of the Tax Cuts and Jobs Act (pdf, 865.1kb)  

    We have updated our Technical Line to add a section on accounting considerations for measuring global intangible low-taxed income (GILTI) deferred taxes when companies elect an accounting policy to recognize deferred taxes for GILTI-related temporary basis differences. The updated guidance discusses an acceptable approach for accounting for GILTI in deferred taxes. Based on discussions with the FASB staff and SEC staff, the approach is consistent with ASC 740’s framework. We have also updated the US Treasury Department and IRS notices section to include notices and a proposed regulation that provide additional guidance on computing the transition tax under the Act.

     

    Connect with us