FASB simplifies accounting for income taxes
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.
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