Exit

Self-Assessment Tool: Are You Ready for Potential FASB's Income Tax Disclosure Changes?

The Financial Accounting Standards Board (FASB) tentatively affirmed via unanimous decision a significant update to income tax disclosure requirements. These changes aim to enhance transparency for investors. Compliance with these proposed changes could position your company as a leader in corporate governance, potentially enhancing investor confidence. Conversely, non-compliance might expose your firm to regulatory scrutiny and reputational risk.

Use this self-assessment tool to evaluate your company's readiness for the proposed changes. Answer the following questions to gain insights into areas where you might need to adjust or seek professional guidance.

Discover the benefits of being prepared and learn how Marcum's ASC-740 team can smooth your transition.

Question Title

* 1. Name

Question Title

* 2. Email

Question Title

* 3. Company Name

Question Title

* 4. Title

Understanding of the New Requirements

Question Title

* 5. Are you aware that on August 30th, FASB tentatively approved changes to income tax disclosure requirements for public companies?

Question Title

* 6. Have you identified the specific disclosure requirements that would apply to your business?

Disclosure Readiness

Question Title

* 7. Has your company assessed how the disclosure requirements might impact your effective tax rate reconciliation presentation?

Question Title

* 8. Can your current tax process and systems handle properly disclosing items in percentages and dollar amounts as required?

Impact on Multinational Businesses (if applicable)

Question Title

* 9. Have you analyzed the complexities of gathering information in foreign jurisdictions?

Technology and Process

Question Title

* 10. Is your company considering use of technology to capture data real time at its source for these new requirements?

Question Title

* 11. Has your company evaluated whether there is sufficient time within the tax reporting process to meet the changes?

Professional Guidance

Question Title

* 12. Have you sought professional guidance to understand and prepare for the impact of these changes?

( Privacy & Cookie Notice

T