PwC comments on FASB’s proposal to simplify income tax accounting

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Comment letter , PwC US Jun 28, 2019

See what PwC thinks about the FASB’s proposal to simplify income tax accounting.

Overview

PwC submitted its comments on the FASB’s proposal, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. We commend the Board’s efforts to identify, evaluate, and improve areas of ASC 740, Income Taxes, in which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to financial statement users. We generally support the proposed amendments, which we believe can both reduce complexity for preparers, auditors, and regulators and enhance decision-usefulness for users. However, we have recommendations to improve certain aspects of the proposal as well as the guidance related to income tax accounting for outside basis differences. Read our letter for detailed responses to the FASB’s questions.

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Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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