The proposed amendments would enhance income tax disclosures to address investor requests for more information about the tax risks and opportunities present in an entity’s worldwide operations. The proposed ASU’s two primary enhancements would disaggregate existing disclosures for the effective tax rate reconciliation and income taxes paid.
The proposed amendments would require entities to disclose:
The proposal also incorporates certain previously exposed amendments, such as replacing the term ‘public entity’ with ‘public business entity’ and the removal of certain disclosures.
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