FACT urges appropriators to oppose a harmful House measure that would deny funding to the nation’s accounting standards setter unless it withdraws a long-awaited corporate income tax disclosure rule.
Progress on public country-by-country in jurisdictions around the globe continues to reinforce the need for decisive action by the Securities and Exchange Commission to set a consistent, strong standard for multinational public tax reporting.
FASB’s revised income tax reporting standards represent a “dramatic improvement” over existing disclosure, and Treasury looks to delay beneficial ownership reporting for newly formed entities.
Under new standards, many U.S. companies will now have to provide additional information on their total cash taxes paid across jurisdictions, as well as more effectively break down the calculation of their effective tax rates for a given income year.
In comments submitted May 30, FACT recommended that the Financial Accounting Standards Board expand its proposed revisions to tax disclosure requirements to include additional information on revenues, income, and effective tax rates on a disaggregated basis.
Why 2023 is the year that FACT is pushing the SEC to use its authority to advance public country-by-country tax and operations reporting.
