FASB income tax disclosure proposal: What you need to know

Send us a Text Message.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 project4:50 - 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 disclosures22:51 - The expected effective date and transition requirements27:00 - 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.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. 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 [email protected].