On March 25, 2019, the FASB issued a proposed Accounting Standards Update (ASU) (Links to...
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Accounting
On March 25, 2019, the FASB issued a proposed Accounting Standards Update (ASU) (Links to an external site.), Disclosure Framework-Changes to the Disclosure Requirements for Income Taxes, which would significantly impact income tax disclosures. The proposed ASU is part of the Boards on-going project to improve disclosure effectiveness.
After studying the proposal and related authoritative literature, answer the following:
1) What are the proposed disclosure requirements for all entities?
2) Are there expanded requirements for business entities?
3) Are there disclosure requirements for non-public entities?
4) Have any requirements been reduced or eliminated?
5) Can you predict the impact of this proposed ASU on any stakeholders? Explain.
6) Write a comment on the proposal that you would issue to the FASB.
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