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Book-Profits Tax Plan Imperils Independent Accounting: FASB Head

Nov. 16, 2021, 7:55 PM

The chief of the U.S. accounting rulemaking board is sounding alarms about a provision in Democrats’ $1.7 trillion tax and spending framework that would impose a 15% minimum tax on the book income of large companies.

Using financial accounting to set revenue for tax purposes mixes public policy—and politics—with the independence of the Financial Accounting Standards Board, FASB Chair Richard Jones said Tuesday at a meeting of FASB’s parent organization.

“It would be an additional pressure, there’s no doubt, on our mission and what we do,” Jones said.

  • The bill includes a provision that would introduce the tax on the ...