B.1 Background
On March 15, 2023, the FASB issued a proposed ASU that would introduce new income tax disclosure
requirements in addition to modifying or eliminating certain requirements. Comments were
due May 30, 2023. At its meeting on August 30, 2023, the FASB discussed comment letter
feedback and generally affirmed most of the proposal’s amendments.1 The Board also instructed the FASB staff to draft for the Board’s approval a final
ASU, which is expected to be issued by December 31, 2023.
The sections below summarize key changes under the proposed guidance
and, if applicable, significant tentative decisions subsequently reached by the FASB
that modify or supplement the proposed ASU.
Footnotes
1
All FASB Board decisions are tentative until a final ASU is
issued.