The Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued on January 18, 2018, Interagency Statement on Accounting and Reporting Implications of the New Tax Law to provide supervised institutions with guidance on the accounting, regulatory reporting, and regulatory capital implications of the new tax law, which was enacted on December 22, 2017. More... Accounting principles generally accepted in the United States (GAAP) require that any tax legislation signed into law on or prior to December 31, 2017, be reflected in an institution’s December 31, 2017, regulatory reports (Guidance, Tax Accounting at 3-1591).