- To aid depository and lending institutions in understanding the implementation of certain affects from tax reform, regulatory bodies have begun to release guidance and clarifications. The Financial Standards Accounting Board (FASB) released a proposed Accounting Standards Update (ASU) related to reclassification of other comprehensive income (OCI) and the Securities and Exchange Commission (SEC) released Staff Accounting Bulletin (SAB) 118 related to accounting and disclosures.
- FASB released an exposure draft related to the reclassification of certain tax effects from accumulated other comprehensive income (AOCI). The change is specific to impacts from tax reform only. The comment period closes Feb. 2, 2018.
- The Senate Finance Committee voted largely along party lines (15-12) to advance former Eli Lilly executive Alex Azar’s nomination to lead the Department of Health and Human Services (HHS).
- Tax reform changes that affect individual income, gift and estate tax
- This article, featured in Construction Business Owner, helps contractors understand changes to existing business systems, processes and internal controls.
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