TEI Submits Comments to the FASB on the ASC 740 Treatment of the New BEAT and GILTI Regimes

On January 8, 2018, TEI filed comprehensive comments with the Financial Accounting Standards Board regarding the proper financial statement treatment of two, newly enacted tax provisions.   TEI urged the FASB to issue guidance adopting disclosure rules for the BEAT that are similar to those applicable to the AMT, specifically, guidance treating taxes owed under new IRC section 59A as permanent tax expense adjustments in the year incurred.  Further, TEI advocated for a flexible approach to reporting the financial impacts of the GILTI, similar to current FASB guidance applicable to Subpart F of the Internal Revenue Code.

Download the letter.