New financial disclosure requirements from the Financial Accounting Standards Board (FASB) are intended to provide investors with greater transparency into corporate tax practices, but they also present uphill climbs related to data, technology, and internal processes for companies, according to tax and accounting professionals.
The rules, which stem from years of investor feedback requesting more granular tax information, are effective for public business entities for annual periods beginning after December 15, 2024, meaning they will first appear in 2025 financial statements filed in 2026.
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