After years of back and forth, the Financial Accounting Standards Board (FASB) passed a new disclosure rule. Companies now have to disclose state, federal, and foreign income tax payments. Thoughts? Is this impacting your company?
Founder & Managing Director in Services (non-Government), 2 - 10 employees
It is not directly impacting our company but indirect impact is coming as the cost has increased.India Head and Director of Global Finance Shared Services in Hardware, 5,001 - 10,000 employees
The disclosure rules for state, federal, and foreign income tax payments have significant impact on individuals and companies also. These rules govern how and to what extent taxpayers are required to disclose information about their income tax payments, and the implication varies depending on the jurisdiction and the nature of the disclosure rules. The disclosure rules for state, federal, and foreign income tax payments play a crucial role in maintaining the integrity of our tax systems and ensuring tax compliance. They have wide-ranging impact for our company on the way we design our tax systems so that transaction level details and supporting documents can be made available in case of Tax Scrutiny.
Director of Finance in Consumer Goods, 10,001+ employees
Yes its a recent development of disclosure by FASB that requires state, federal and foreign income tax payments in their annual financial statements. We are yet to consult our tax partners on disclosure requirements since its effective from year 2025. We have to report on this statutory requirement since we are a global listed company with operations across geographies.
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