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Income Tax Disclosure Plan Proceeds Minus Foreign Details

March 23, 2022, 10:18 PM

U.S. accounting rulemakers will resurrect a dormant plan to force companies to reveal more details about their income taxes, but it will be a much scaled-down version compared to what investors and analysts have demanded.

The Financial Accounting Standards Board will explore improvements on disclosures about what companies say about the taxes they pay as well as potentially making them explain, or reconcile, changes in foreign tax rates from year to year. Despite requests from investors and transparency groups to make companies reveal where they have foreign income tax exposure, a 4-3 majority of the board voted against such a ...