On July 26, 2016, the FASB issued a proposed Accounting Standards Update (ASU)1 that would modify or eliminate certain disclosure requirements related to income taxes as well as establish new requirements. Comments on the proposed ASU were due by September 30, 2016, and feedback was received and discussed at the FASB’s meeting on January 25, 2017. The proposed ASU had not been publicly readdressed, however, since the enactment of the Tax Cuts and Jobs Act (the “Act”) on December 22, 2017.
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