Accounting Standards Update 2023-09: New Income Tax Disclosure Rules
February 27, 2024
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On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting Standards Update No. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes. This will require filers to provide more details and be more descriptive in their financial statement income tax disclosures, which should enable business leaders and investors to make more informed investment decisions.
Brooks Nelson, Partner and Strategic Tax Leader, and Sarah McGregor, Tax Director, talk with William Billips, Partner and Tax Provisions Leader, and Brian Dill, Partner and International Tax Leader, about ASU 2023-09 and how the new regulations will significantly impact multinational companies, particularly public and private entities.
Listen to learn more about:
- 03:49 – Background on ASU 2023-09
- 05:19 – Common requirements
- 07:47 – Rate reconciliation overview
- 09:48 – New challenges with tax disclosures in foreign jurisdictions
- 13:14 – Steps to prepare for tax reporting next year
- 16:38 – Affiliates in foreign jurisdictions
Related Guidance
- ASU 2023-09: New FASB Rule Enhances Income Tax Disclosures for Public Companies
- ASU 2023-09: FASB’s New Income Tax Disclosures for Private Entities