FASB issues staff Q&A document on whether private companies and nonprofits can apply SEC SAB 118

Written on Jan 18, 2018

FASB has issued a Staff Q&A document on whether private companies and not-for-profit organizations can apply SEC Staff Accounting Bulletin (SAB) No. 118 (Topic 5.EE, Income Tax Accounting Implications of the Tax Cuts and Jobs Act).

In the Q&A, the FASB staff indicates that they would not object to private companies and not-for-profit organizations applying SAB 118, and observe that if a private company or not-for-profit organization applies SAB 118, they would be in compliance with GAAP. The FASB staff consulted with stakeholders and members of the Private Company Council in forming the view contained in the Staff Q&A.

A PDF version of the Q&A can be downloaded here.

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