MMM’s Barclay Taylor was quoted in articles from Accounting Today and The Trusted Professional on the Accounting Standards Update (ASU) recently issued by The Financial Accounting Standards Board (FASB). The amendments in the ASU aim to improve income tax disclosures by requiring public companies to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.
“Companies can already gather most of this information from tax returns filed with the IRS and internal financial records, so the FASB update is really just an expanded disclosure to the public,” Taylor explains. “Now companies are going to have to think harder about how the expanded disclosures of tax information might impact public perception. It will be interesting to see how this information is weaponized to mold tax policy narratives."
Read more in Accounting Today and The Trusted Professional.
