FINANCIAL REPORTING
Staff Liaison:
Patrick Evans, Chief Tax Counsel
202.464.8346
The Financial Reporting Committee sets TEI's advocacy agenda for tax-related financial reporting matters. The committee monitors developments and interacts with the FASB and other accounting standards-setting bodies around the world.
TEI comments on the FASB's proposal for enhanced income tax disclosures
On May 30, 2023, TEI submitted comments to the FASB regarding its proposal to require companies to disclose disaggregated income tax information in financial statements. TEI noted its significant concerns with the proposal but nevertheless offered detailed recommendations aimed at reducing confusion and making the information more useful to investors.
TEI Submits Comments on Proposed Changes to Schedule UTP
On November 17, 2022, TEI submitted comments to the IRS on proposed changes to Schedule UTP. The comments identified a variety of critical policy issues that must be evaluated in a thoughtful and deliberative manner and urged the IRS to put an indefinite hold on the proposed changes and engage in a meaningful collaboration with stakeholders to identify reasonable alternatives.
TEI submits comments to the FASB concerning proposed changes to ASC 740
TEI Submits Comments to the FASB on the ASC 740 Treatment of the New BEAT and GILTI Regimes
TEI Members Hold Inaugural Liaison Meeting with the FASB
TEI Questions the Utility of Proposed Updates to ASC 740
On December 12, 2016, TEI submitted a comment letter to the Financial Accounting Standards Board concerning proposed changes to the disclosure requirements in ASC 740 (accounting for income taxes). TEI commended the FASB’s efforts to update this complex accounting standard, but also expressed its view that required tax disclosures are becoming confusingly detailed, subjective, and duplicative. TEI urged the FASB to reconsider whether the proposed updates truly achieve the FASB’s overarching cost-benefit and decision-usefulness objectives or simply add low value detail and confus
TEI Comments on FASB Employee Share-Based Payment Accounting Rules
On August 14, 2015, TEI submitted comments to the FASB concerning proposed improvements to the employee share-based payment accounting rules—Topic 718. TEI’s comments focus on the FASB’s proposal to account for excess tax benefits and excess tax deficiencies arising from employee stock compensation directly in earnings (the Earnings Approach). The Institute strongly recommended that the FASB not adopt the proposed Earnings Approach, but instead make simplifying adjustments to the existing APIC accounting rules.
TEI Comments on FASB’s Guidance on Intra-Entity Asset Transfers
On May 18, 2015, TEI submitted comments to the Financial Accounting Standards Board concerning proposed updates to the FASB’s guidance on intra-entity asset transfers.
FINANCIAL REPORTING
The Financial Reporting Committee sets TEI’s advocacy agenda for tax-related financial reporting matters. The committee monitors developments and interacts with the FASB and other accounting standards-setting bodies around the world.