It’s back to the drawing board on an accounting plan that would have made companies disclose—in broad strokes—information about taxes they pay overseas.
U.S. accounting rulemakers agreed Wednesday they had to take a new approach on a proposal that got panned by multinational companies such as Microsoft Corp. and IBM Corp. as well as investors.
Members of the Financial Accounting Standards Board said they would research whether to make companies reveal income tax expenses or benefits, as well as cash tax paid, based on “jurisdiction” instead of on the basis laid out in a March 2019 draft—three broad foreign, domestic, ...