Financial Accounting News

Democratic Senators Seek More Corporate Foreign Tax Disclosure

Sept. 30, 2019, 7:43 PM

A group of Democrats in the Senate is asking an accounting standards board to require corporations to publicly disclose the income they earn and taxes they pay overseas.

  • The senators requested the Financial Accounting Standards Board to update a proposal so companies must report their income, taxes and number of employees in each country where the corporation operates.
  • “There continues to be evidence of widespread, unsustainable corporate tax practices,” according to the letter dated Sept. 30 and signed by 13 Senate Democrats including three who are running for president, Elizabeth Warren (Mass.), Bernie Sanders (Vt.), and Amy Klobuchar (Minn.).
  • The...
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