The Financial Accounting Standards Board released an accounting standards update Wednesday to help companies deal with the stranded income tax effects in accumulated other comprehensive income stemming from the Tax Cuts and Jobs Act.
With tax reform close to the finish line, bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill includes some caveats that might give institutions pause.
U.S. tax revenue is running as much as $70 billion behind estimates more than halfway through the fiscal year, leaving the government with less cash than planned and adding to pressure on Congress to raise the debt ceiling.
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