Under the new FASB rules, financial statement preparers are provided an option to reclassify stranded tax effects within accumulated other comprehensive income in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded.
To read the full article in the Journal of Accountancy, click: FASB Addresses Stranded Income Tax Effects of New Tax Law.
