As of December 2023, the Financial Accounting Standards Board has implemented an update in accounting standards which has led to a notable step forward in improving income tax disclosures in financial statements. These changes will provide investors with crucial information for better decision-making and allow stakeholders access to more comprehensive information about a company’s tax position, sources of cash flows, and the jurisdictions in which it operates. Michael Noreman, Senior Director at A&M dives deeper into the newly required disclosures and next steps for CPAs and their clients.
Read the NJCPA Article
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