Additional Income Tax Disclosures Proposed
The Financial Accounting Standards Board (“FASB”) wants to increase the disclosure requirements for income taxes. In its Proposed Accounting Standards Update, Income Taxes (Topic 740): Disclosure Framework – Changes to the Disclosure Requirements for Income Taxes, the FASB recommends all entities add the following disclosures: An explanation of a tax law amendment that is likely to impact the entity in a later period. Income or losses from ongoing operations previous to income tax expenses or benefits separated between domestic and foreign. Income tax expenses or benefits from ongoing operations separated between domestic and foreign. Income taxes paid separated between domestic. Read More.