In light of global developments, such as tax transparency measures progressing in Australia, the United States Securities and Exchange Commission should use its current authority to advance a notice and comment rulemaking to require large public companies to engage in public country-by-country tax and operations reporting in line with international best practices to best inform investors and other stakeholders of relevant risks. These efforts can and should occur alongside efforts at the Financial Accounting Standards Board to require greater disaggregation of tax information in financial statements filed in conformance with U.S. generally accepted accounting principles.