FASB Income Tax Disclosure Framework: A Disclosure Framework — Part 2

The Financial Accounting Standards Board is still on its journey to provide a final Accounting Standards Update for changes to its disclosure requirements for income taxes. The effort has been underway for four years, having been delayed by the 2017 tax law, then the global pandemic.

This is the second part of a two-part look at the numerous challenges FASB has faced in the process—including ever-evolving and increasingly complex tax rules—as well as what the solution going forward should look like.

Again, the ultimate goal should be simple: sustainable consistency for reporting in current and future periods.

Part 1, which ...