Chief Accountants Cite Complexity of Income Tax Disclosure Rules

Thermo Fisher Scientific Inc.'s accounting team has spent significant time deciphering how certain corporate transactions should be categorized under new income tax disclosure requirements, vice president and chief accounting officer Joe Holmes said Tuesday.

Holmes and other accountants discussed the time and complexity associated with implementing the Financial Accounting Standards Board’s disclosure package during an advisory panel meeting. Thermo Fisher Scientific is among a cohort of publicly traded businesses hustling to include the tax information in their 2025 annual 10-K financial reports due to their calendar year-ends.