Bloomberg Tax
March 15, 2023, 2:23 PMUpdated: March 15, 2023, 7:29 PM

Multinational Tax Details to Be Revealed In Accounting Plan (1)

Nicola M. White
Nicola M. White

Companies would have to give detailed breakdowns about the income taxes they pay under a long-awaited proposal US accounting standard-setters released Wednesday.

The plan marks the third time in seven years the Financial Accounting Standards Board has attempted to require businesses to shine light on one of the most complex—and often controversial—elements of their financials.

Businesses would have 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. They would have to provide even more details in annual reports. For yearly reports, if they pay ...