FINANCIAL REPORTING DEVELOPMENTS

摘要

Financial reporting developments for the quarter ending February 2018 includes guidance to aid companies implementing two major changes in financial reporting-leases and taxes. The Financial Accounting Standards Board (FASB) has issued ASU 2018-01 to provide a practical expedient for companies' already booked land easements that had not previously been accounted for as leases. FASB also issued ASU 2018-02 to provide clarification on including the effects of the tax reform act in 2018 financial statements. In addition, the Securities and Exchange Commission (SEC) issued one of its rare staff accounting bulletins to clarify the acceptable timing companies can use to incorporate tax effect measurements into their financial statements.