The Build Back Better Act was recently passed by the US House of Representatives. And although it’s not yet final, it’s time to start thinking about the potential implications on the financial statements.
The proposed BBBA includes provisions that:
Our new Excel-based summary and reference guide allows easy filtering and summarizes some of the more significant corporate tax provisions being proposed as part of the BBBA, and assists you in evaluating the potential US GAAP implications.
Our companion executive summary is a quick-reference guide that includes questions to help you carry out your analysis.
The guide and executive summary include preliminary guidance on US GAAP considerations. This preliminary guidance is based on our current understanding of provisions in the BBBA as proposed by the US House of Representatives and our analysis to date. The term 'BBBA' used throughout the documents refers to the proposed tax law and does not refer to any enacted tax law.
We will continue to monitor these and future proposals and continue to analyze how the authoritative accounting guidance applies to some of the provisions. We will update our views as further information becomes available and further research and analysis is completed.
The following KPMG publications and resource sites include additional information on the proposals and our US GAAP guidance: