July 11, 2023
FASB’s proposed overhaul of income tax disclosures is the subject of the latest Bloomberg Tax article by Marcum’s Robert McGuinness, Mark Ladolce, and James Petty.
Bloomberg Tax
By Robert McGuinness, Partner, Tax & Business Services, Mark Ladolce, Senior Manager, Tax & Business Services & James Petty, Director, Tax & Business Services
Excerpt:
The Financial Accounting Standards Board is weighing a proposal to overhaul its accounting standards to “enhance the transparency and decision usefulness of income tax disclosures.” Investors had asked FASB to modify its disclosure requirements to provide more insight into an entity’s risks and opportunities related to their worldwide tax profile, and to better assess the impact of income taxes on future cashflows and capital allocation decisions.
