Media Advisory 01/24/18

FASB Proposes Taxonomy Improvements and Implementation Guidance Related to Tax Cuts and Jobs Act


Norwalk, CT, January 24, 2018—The Financial Accounting Standards Board (FASB) staff today issued proposed GAAP Taxonomy improvements and implementation guidance for the Tax Cuts and Jobs Act for reporting requirements included in:
  • Proposed Accounting Standards Update (ASU)—Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
  • SEC Staff Accounting Bulletin No. 118—Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118). 
The Release Notes include the following:
  • Questions for Respondents
  • Proposed Taxonomy Elements for the 2019 U.S. GAAP Taxonomy
  • Illustrative Examples tagging disclosures for both the proposed ASU and SAB 118.
These documents are in addition to the initial Staff Q&A document issued by the FASB staff on January 22, 2018, regarding implementation issues related to the Tax Cuts and Jobs Act, which can be found on the FASB webpage addressing accounting issues related to the Tax Cuts and Jobs Act.


About the Financial Accounting Standards Board

Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.