GOP Lawmakers Tell Accounting Board to Nix Tax Disclosure Plan

Fifteen Republican members of Congress told the US accounting standard-setter to scrap its much-watched proposal to force companies to report more details about how much they pay in income taxes and where.

The proposal reflects “a politicized effort to name-and-shame companies and influence tax policy,” the lawmakers wrote to the Financial Accounting Standards Board. “We urge FASB to withdraw this proposal.”

Released in March, FASB’s proposal calls on businesses to disclose every quarter the year-to-date amount of income tax they paid, net of refunds received to state, federal, and foreign taxing authorities. For yearly reports, they would have to individually ...