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FASB preps proposal to simplify income tax accounting

Tammy Whitehouse | April 12, 2019

The Financial Accounting Standards Board is preparing a proposal to amend accounting standards in a way that is intended to ease the accounting for income taxes.

FASB has been researching ways it could simplify tax accounting as part of its broader simplification initiative, looking for changes that would make it easier for preparers to apply Generally Accepted Accounting Principles without making the information any less useful. Tax accounting is a common cause for restatement, FASB staff told the board, although sometimes the complexity is driven more by tax law, jurisdictional differences, and the complicated nature of business than by accounting standards.

In outreach with Big Four firms in early 2017,...

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