FASB Discusses Income Taxes

At its September 4, 2019, meeting, the FASB discussed its project on simplifying the accounting for income taxes.

The Board discussed comments received on its May 2019 proposed ASU, Simplifying the Accounting for Income Taxes, and made decisions related to (1) redeliberation issues, (2) transition and effective date, and (3) analysis of costs and benefits. The Board directed its staff to begin drafting a final ASU for a vote by written ballot.

For more information, see the tentative Board decisions on the FASB’s Web site.