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FASB proposes revised improvements to income tax disclosure requirements

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Mar 25, 2019

On March 25, 2019, the Financial Accounting Standards Board (FASB) issued a revised proposed Accounting Standards Update (ASU) intended to improve the relevance of current income tax disclosure requirements to financial statement users. Comments on the proposed ASU are requested by May 31, 2019.

In July 2016, the FASB issued a proposed ASU that set forth enhanced disclosure requirements for income taxes. The proposed ASU was part of the FASB’s broader disclosure framework project to improve the effectiveness of disclosures in notes to financial statements.
 
The FASB delayed finalizing the proposal because of potential tax reform. The federal government subsequently passed the Tax Cuts and Jobs Act in December 2017, which substantially changed how U.S. businesses are taxed. As a result, the FASB decided to revise its original proposal.
 
The resulting proposed ASU reflects these revisions, as well as stakeholder input on the original July 2016 proposal. The revised proposed ASU would (1) remove disclosures that no longer are considered cost beneficial or relevant and (2) add disclosure requirements identified as relevant to financial statement users.

Review the press release and proposed ASU on the FASB's website.

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