SEC Unlikely to Extend Tax Law Financial Reporting Guidance

The one-year shelf life on Staff Accounting Bulletin 118 is about to run out, but companies shouldn’t expect the SEC to give them extra time to finalize their tax liabilities on their financial reports.

The Securities and Exchange Commission has no plans to revisit SAB 118, despite some requests for an extension beyond its Dec. 22 sunset provision, said Sagar Teotia, deputy chief accountant in the SEC’s Office of the Chief Accountant, at a Financial Executives International conference Nov. 13.

The guidance gave companies a year from the enactment date of the 2017 tax law to finalize how it changed ...