First Quarter Accounting and Financial Reporting Developments

During the first quarter of 2018, the Financial Accounting Standards Board (FASB) issued a standard to provide an income tax accounting accommodation related to the recent federal income tax reform law. The FASB also codified the Securities and Exchange Commission’s (SEC’s) disclosure guidance related to accounting for tax reform and issued three other final Accounting Standards Updates. In addition to these highlights from the quarter, this article covers SEC actions relating to cybersecurity disclosures, discusses updates from the Public Company Accounting Oversight Board (PCAOB), the Center for Audit Quality (CAQ), and the American Institute of CPAs (AICPA), and more.