As outlined in a new Intelligize report, The New Disclosure Challenge: Income Taxes, ASU 2023-09 and Investor Expectations, the Financial Accounting Standards Board’s issuance of ASU 2023-09 is recalibrating how public companies report rate reconciliation and income taxes paid in response to investor scrutiny.
For SEC registrants, the update may signal the end of an era of minimal disclosure. In its place: a heightened expectation that issuers will provide more clarity and consistency. The implications for compliance professionals and legal counsel are substantial, and they’re already taking shape in a shifting landscape.
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