Effects of the Tax Cuts and Jobs Act on Public Company Disclosures

On December 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA), which impacts businesses with its far-reaching changes to the Internal Revenue Code (Code). Generally effective for tax years beginning after December 31, 2017, the new legislation resulted in a number of tax accounting modifications.

On the same date, in an effort to clarify the effect of the sweeping changes to the Code on the reporting and disclosure obligations of public companies, Securities and Exchange Commission (SEC) staff in the Office of the Chief Accountant (OCA) and in the Division of Corporation Finance (Division) issued Staff Accounting Bulletin (SAB) No. 118, while SEC staff in the Division issued Exchange Act Form 8-K Compliance and Disclosure Interpretation (C&DI) 110.02. Both SAB No. 118 and the related C&DI are intended to shed light on the application of U.S. GAAP to the accounting modifications resulting from the new tax reform legislation.

This special report identifies additional considerations that public company reporting entities should be aware of as they assess the business impact of the TCJA. Additionally, it includes excerpts from SEC filings across industries to assist registrants in their efforts to examine how peers and other reporting entities are handling TCJA-related disclosures.

For a more thorough discussion of these issues, read the full special report.

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