ASC 740 and the U.S. Tax Cuts and Jobs Act (2017)
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The enactment of the U.S. Tax Cuts and Jobs Act on December 22, 2017, will have a considerable financial reporting impact, and particularly as it relates to ASC Topic 740, Income Taxes. Reporting entities are required to record the impact of tax reform in the period that includes the enactment date. This publication addresses the accounting for income tax implications and financial statement disclosures associated with key tax law changes.