So, what exactly, does ASU 2023-09 require? The Accounting Standards Update, which “FASB issued in December 2023, requires entities to consistently categorize and provide greater disaggregation of information in the rate reconciliation. They must also further disaggregate income taxes paid.” For more specifics, view the full update.
A Visible Uptick in Disclosure Activity
Our analysis of Form 10-K filings on the Intelligize platform shows a measurable rise in substantive income tax-related risk factor disclosures in the first quarter of 2025 compared with 2024. Topics such as changes in tax law, foreign tax issues, and challenges to tax positions are claiming greater real estate in companies’ filings.
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