FASB simplifies accounting for income taxes
In depth , PwC US Dec 18, 2019
PwC summarizes the FASB’s new guidance intended to reduce the cost and complexity of accounting for income taxes.
On December 18, 2019, the FASB issued new guidance that simplifies the accounting for income taxes as part as part of the Board’s overall initiative to reduce complexity in accounting standards. Amendments include the removal of certain exceptions to the general principles of ASC 740, Income taxes. While not required to be adopted until 2021 for most calendar year public business entities (and 2022 for other entities), early adoption is permitted for any financial statements not yet issued to take advantage of the simplifications.
Related content
Contact us
Follow us
Featured topics
COVID-19 - Accounting and reporting resource center
Acquisitions and strategic investments
Compensation and benefits accounting
Corporate turnarounds and impairments
Derivatives and hedge accounting
Fair value measurement
Financial instruments
IFRS in the US
Income tax and tax reform
Insurance contracts
Lease accounting
Not-for-profit accounting
Private company accounting
Revenue recognition issues
Year-end financial reporting
© 2016 - 2020 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.