New Tax Law: Accounting and Reporting Implications
Summary:
The banking agencies are issuing the attached Interagency Statement to provide guidance to institutions on certain accounting and reporting implications of the new tax law, which was enacted on December 22, 2017. In accordance with U.S. generally accepted accounting principles (GAAP), the changes enacted in the new tax law are relevant to the preparation of financial statements and regulatory reports (e.g., the Consolidated Reports of Condition and Income or Call Report) for December 31, 2017.
Statement of Applicability to Institutions With Total Assets Under $1 Billion:
This Financial Institution Letter applies to all FDIC-supervised banks and savings associations, including community institutions.
Distribution:
FDIC-Supervised Banks (Commercial and Savings) and FDIC-Supervised Savings Associations
|
