The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the "agencies") provided interagency guidance on the accounting and reporting implications of the new tax law that was enacted on December 22, 2017.
The interagency document provides guidance with regard to the effects of the law on (i) deferred tax assets and liabilities, (ii) valuation allowance, (iii) amounts recognized in accumulated other comprehensive income, and (iv) regulatory capital. The document also contains instructions for the preparation of regulatory reports and other supervisory considerations.
The agencies based the guidance on the application of Financial Accounting Standards Board Accounting Standards Codification Topic 740 ("Income Taxes").
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