FASB adds income tax accounting topics to its agenda (August 2014).
During its Agenda Prioritization meeting on August 13, 2014, the Financial Accounting Standards Board (‘FASB’ or ‘Board’) added the following two income tax accounting topics to its agenda as part of its broader simplification initiative:
The Board also asked the staff for additional research on potentially eliminating the intraperiod tax allocation rules by having income tax expense reported as a single line item.
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