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FASB income tax disclosure proposal: What you need to know
Publication date: 09 May 2023
us Podcast
This podcast discusses insights related to the FASB's March 2023 exposure draft on improvements to the income tax disclosures.
Every Tuesday in May, Jennifer Spang is taking over the podcast to share the latest on income tax accounting — recent global and US tax policy developments, standard setting activity, and tax accounting considerations related to common transactions, such as business combinations and spin-offs.
To continue the series, Jenn shares insights on the FASB’s recent exposure draft on improvements to income tax disclosures.
In this episode, you’ll hear discussion of:
- 1:30 - An overview of the FASB’s income tax disclosure project
- 4:50 - The proposed disaggregated disclosures for cash taxes paid and the introduction of eight specific categories of reconciling items in the rate reconciliation
- 8:11 - The questions and areas of concern that have been raised by companies
- 15:18 - The judgment required in determining the categorizations in the rate reconciliation
- 19:24 - Other noteworthy proposed additions and deletions to the current required income tax disclosures
- 22:51 - The expected effective date and transition requirements
- 27:00 - Final advice for organizations as they assess the FASB’s proposed disclosures
For more information, read our publication on the FASB’s exposure draft and check out a prior podcast on income tax disclosures.
About our guest
Jennifer Spang is PwC’s National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters.
About our host
Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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