Income Tax Accounting Disclosures Face Last-Ditch Protest (1)

The US accounting standards setter needs to delay forthcoming accounting rules requiring companies to divulge new details about their income taxes, five large business groups said.

The Financial Accounting Standards Board failed to follow its own due process in crafting the new rules—which are coming as soon as next month—and it didn’t conduct a proper cost-benefit analysis, the Business Roundtable, Managed Funds Association, National Association of Manufacturers, National Foreign Trade Council, and US Chamber of Commerce wrote in a letter to FASB made public Tuesday.

The Nov. 17 letter is the latest attempt to thwart FASB’s long-running effort to ...