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December 14, 2023
2023-9011

BREAKING TAX NEWS | FASB issues Accounting Standards Update requiring entities to disclose their income tax payments

Today, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09 (ASU), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The ASU also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes.

The amendments apply to public business entities for annual periods beginning after December 15, 2024. For other entities, the amendments apply to annual periods beginning after December 15, 2025. Entities should apply the amendments on a prospective basis, but retrospective application is allowed.

A Technical Line on the ASU is forthcoming.

Published by NTD’s Tax Technical Knowledge Services group; Jennifer A Brittenham, legal editor

 

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