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Democratic senators call on FASB for more international disclosures

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Sep 30, 2019

On September 30, 2019, the US Senate released a letter asking the Financial Accounting Standards Board (FASB) Chairman Russell Golden to require companies to break out more information on a country-by-country basis.

The senators want companies to provide country-specific information on their income, assets, number of employees, and taxes paid.

FASB is in the midst of reviewing tax disclosure requirements, and the letter was in response to a revised exposure draft on the proposed Accounting Standards Update to Income Taxes (Topic 740).

Review the letter on US Senate's website and a summary on Accounting Today's website.

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