House Democrats Call on FASB to Require Country-by-Country Reporting
Jul 19, 2017
On July 19, 2017, Accounting Today published an article where they discuss how a group of 16 House Democrats sent a letter to the Financial Accounting Standards Board (FASB) asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.
The move comes amid the rollout of country-by-country reporting requirements by the Internal Revenue Service that the U.S. is carrying out in conjunction with the Organization for Economic Cooperation and Development’s plan for combating base erosion and profit shifting, known as OECD BEPS.
Review the article, the House Democrats' letter to the FASB and the SEC's Investor Advisory Committee's letter to the FASB.