In response to investor demands, FASB issued Accounting Standards Update 2023-09 on December 14, 2023, which adds new income tax disclosures for all entities. Public business entities would be required to prepare an annual detailed, tabular tax rate reconciliation. All other entities would be required to provide qualitative disclosure on specific categories and individual jurisdictions that result in significant differences between the statutory and effective tax rates. This article provides details on the guidance.
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