Companies, Investors Pan Planned Income Tax Disclosures

It’s hard to find anyone happy about a plan to force companies to reveal more accounting details about the income taxes they pay.

Multinational companies from the Walt Disney Co. to Microsoft Corp. say the information requested by the Financial Accounting Standards Board will be a pain to compile and misleading to the public.

Investors and analysts say the proposal doesn’t go far enough. A central piece of the plan—breaking down income taxes between domestic and foreign without going country by country—would keep details about company income taxes concealed in something akin to a black box.

“It’s throwing Bermuda in ...