By Amy E. Ebeling
February 16, 2018
On January 18, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released guidance on the accounting implications of the Tax Cuts & Jobs Act (the “Act”) signed into law on December 22, 2017. The guidance provides information on the effect of the Act on deferred tax assets, deferred tax liabilities, valuation allowances, amounts recognized in accumulated other comprehensive income, regulatory capital, and the preparation of regulatory reports. Because the Act was signed into law prior to December 31, 2017, the effects of the Act must be reflected in December 31, 2017 regulatory reports. For more information, follow this link to read the guidance.
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