IMA Financial Reporting Committee comment letter on Proposed Accounting Standards Update (ASU) No. 2019-500, Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes, Revision of Exposure Draft Issued July 26, 2016
Friday, May 31, 2019
The IMA Financial Reporting Committee (FRC) issued a comment letter in response to Proposed ASU No. 2019-500, Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes, Revision of Exposure Draft Issued July 26, 2016). In this release, the FASB seeks input on proposed amendments that would change the several required disclosures regarding income taxes.
In its response, the FRC generally supports the FASB’s simplification initiatives. The Committee believes, however, that the incremental income tax disclosures proposed in this release appear more granular than existing disclosure requirements for other topics and may not result in enhanced decision-usefulness for typical financial statement users.
The IMA Financial Reporting Committee (FRC) issued a comment letter in response to Proposed ASU No. 2019-500, Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes, Revision of Exposure Draft Issued July 26, 2016). In this release, the FASB seeks input on proposed amendments that would change the several required disclosures regarding income taxes.
In its response, the FRC generally supports the FASB’s simplification initiatives. The Committee believes, however, that the incremental income tax disclosures proposed in this release appear more granular than existing disclosure requirements for other topics and may not result in enhanced decision-usefulness for typical financial statement users.
