Investors, Businesses Face Off on Income Tax Disclosure Plan

US accounting rulemakers’ third attempt to force companies to reveal more details about their income taxes is just as controversial as the prior two efforts.

Business groups want the Financial Accounting Standards Board to scale back or even scrap a plan that would require businesses to include in their financial statement footnotes a detailed breakdown about the income taxes they pay; investor groups object that the proposal doesn’t go far enough.

“We have serious concerns,” the Business Roundtable wrote to FASB. The US Chamber of Commerce described the plan’s “infirmities” as “sufficiently extensive” and called on the standard-setterto abandon ...