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Gensler Backs Accounting Plan For More Corporate Tax Disclosure

Sept. 15, 2022, 6:50 PM

Wall Street’s top regulator supports a long-running US accounting rulemaker plan that would force companies to reveal more details about the taxes they pay.

US Securities and Exchange Commission Chair Gary Gensler on Thursday said he endorses the Financial Accounting Standards Board’s proposal that calls on companies to break down in their financial statement footnotes the taxes they paid based on jurisdiction, such as country or state.

“I think that would be a productive approach to have such disaggregation that FASB is considering right now,” Gensler said at a Senate Banking Committee hearing. He was responding to a question from ...