Updated Proposal on Income Tax Disclosures Coming
The Financial Accounting Standards Board (“FASB”) last week instructed staff to draft a proposed Accounting Standards Update (“ASU”) concerning its revised proposal for income tax disclosures. To be issued for public comment, the revised proposed ASU will feature every change made since the FASB released the original proposed ASU, Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes. Such changes include requiring disclosure of the disaggregation of income tax expense/benefit and income taxes federal or national, state, and foreign amounts pay. The FASB noted that income tax expense/benefit and income taxes paid on foreign earnings enacted. Read More.
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.