Proposed Accounting Standards Update · 2016

Proposed ASU 2016-270 — Income Taxes (Topic 740)—Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes

The amendments in this proposed Update would modify current disclosure requirements and add additional requirements for income taxes on the basis of the proposed Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. One disclosure requirement would be eliminated from Topic 740 because it is inconsistent with the guidance in the proposed Concepts Statement.

For more information, see the following:

Proposed Accounting Standards Update 2016-270—Income Taxes (Topic 740)—Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes (PDF)

Issued: July 26, 2016

Comments Due: September 30, 2016

The Exposure Draft identifies the Codification Sections that may be changed upon issuance of this guidance.

Text as published in the FASB Accounting Standards Codification, Basic View.