Thursday, March 30. 2023
FASB Proposes GAAP Taxonomy Improvements for Proposed ASU for Income Tax Disclosures
The Financial Accounting Standards Board (FASB) has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU) concerning income tax disclosures.
The proposed changes can be found in Income Taxes (Topic 740)—Improvements to Income Tax Disclosures. If adopted, the ASU would increase transparency requirements and decision usefulness of income tax disclosures.
For further details, see the proposed ASU’s Release Notes on the FASB’s website.
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