Bloomberg Law
Aug. 21, 2023, 4:47 PM

Accounting Board Resists Backlash to Income Tax Reporting Plan

Amanda Iacone
Amanda Iacone
Senior Reporter

The US accounting standard setter said Monday it would press on with a project that would force companies to share more details about the income taxes they pay—despite pressure from lawmakers and business groups to drop the proposal.

The Financial Accounting Standards Board is set to resume its work on the draft rules in several weeks and could finalize them by the end of the year, Hillary Salo, the board’s technical director, said in a meeting with FASB’s oversight body.

Under a March board proposal, corporate quarterly reports would have to detail the amount of income tax spent so ...

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