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FASB revises proposed changes to income tax disclosure

Tammy Whitehouse | March 26, 2019

The Financial Accounting Standards Board has issued proposed changes to income tax disclosures to respond to feedback to an earlier proposal and to reflect changes under tax reform.

The newest proposal to update disclosures under Accounting Standards Codification Topic 740 removes some disclosures from the board’s 2016 proposal and adds others, FASB says. The board began the effort to improve disclosures regarding income taxes as part of its broader effort to review all disclosures required under Generally Accepted Accounting Principles. After the board issued its 2016 proposal, the Tax Cuts and Jobs Act was enacted in late 2017, prompting the board to take a fresh look at its planned changes.

Under FASB’s newest...

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