Published On: January 31st, 2024|By |Categories: Article, RSM, A&A|3.2 min read|

ARTICLE | January 31, 2024

As previously communicated, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 in December 2023 that will require enhanced disclosures about a reporting entity’s effective tax rate and its income taxes paid (refunded). ASU 2023-09 is effective for public business entities (PBEs) for annual periods beginning after December 15, 2024 (or January 1, 2025 for PBEs with calendar year ends) and for annual periods beginning after December 15, 2025, for all other entities.

Our article, ASC 740: FASB releases ASU 2023-09: Improvements to Income Tax Disclosures, walks through the application of the new effective tax rate reconciliation, the enhanced income taxes paid (refunded) disclosures and how these requirements may differ from current guidance.

Entities should begin reviewing their accounting, tax and reporting processes to determine whether changes will be needed to comply with the new requirements.

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This article was written by RSM US LLP and originally appeared on 2024-01-31.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/financial-reporting/asu-2023-09-will-require-enhanced-disclosures-about-income-taxes.html

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

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