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FASB proposal would target income tax disclosures

Tammy Whitehouse | July 28, 2016

In reconsidering corporate disclosures, the Financial Accounting Standards Board has determined financial statement users could benefit from more information about income taxes, especially disclosures that distinguish between domestic and foreign tax obligations.

FASB proposed a change to the disclosure requirements under Topic 740 in the Accounting Standards Codification that would require public companies to add nearly a dozen new items to their existing income tax disclosures, including income or losses from continuing operations along with income tax expense or benefit, separated by domestic and foreign operations.

The disclosures would include income taxes paid between...

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