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FASB Proposes Further Changes to Income Tax Disclosures

March 26, 2019

The Financial Accounting Standards Board (FASB) issued proposed changes to the income tax disclosure requirements for companies to make them more relevant to users of financial statements. The proposed changes take into account changes contained in the Tax Cuts and Jobs Act (TCJA) and build on a proposed accounting standards update (ASU) from 2016 that was part of a broader disclosures framework project intended to improve the effectiveness of disclosures in notes to financial statements. FASB ended up delaying the implementation of the update because of potential tax reform and ultimately decided to revise the proposed update after the passage of the TCJA. Comments are due May 31, 2019. Read more (PDF) at the FASB website.