On May 31, 2019, TEI submitted comments to the Financial Accounting Standards Board concerning proposed changes to the disclosure requirements for income taxes in ASC 740. TEI’s comments highlighted proposed changes that would provide marginal benefits to financial statement users, while presenting significant implementation costs and burdens to preparers. TEI also urged the FASB to consider not only how disclosed tax information may be used to improve financial decision-making, but also how it can be misused.
TEI’s comments were prepared by TEI’s Financial Reporting Committee, whose Chair is Stephen Dunphy, with assistance from TEI’s Chief Tax Counsel, Patrick Evans.
Committee