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Tax Implications of ASU 2017-07

IP&B Tax Insider
March 14, 2018

Tax Implications of ASU 2017-07 - Inventory Effect of Pension and OPEB Contributions

"For those of you in the tax departments of companies, you may not be aware of a new financial accounting pronouncement, ASU 2017-07, which was issued in 2017 and becomes effective for 2018. In contrast to ASU 606, relating to revenue recognition, which has attracted widespread attention, ASU 2017-07 may have slipped under your radar screen. In any event, while the pronouncement deals with GAAP accounting, we think the pronouncement nevertheless has important tax ramifications with respect to the valuation of inventory for tax purposes that will require action to be taken during 2018."