Accounting Plan for More Income Tax Disclosure Under Fire – Bloomberg Tax

U.S. accounting rulemakers face multiple objections Wednesday when they vet a proposal that would make businesses reveal more details about their income taxes.

In one corner, multinational businesses say the plan is complex and could mislead readers of their financial statements. In another, investors say the proposal doesn’t go far enough.

“It asks more questions than it answers,” said Nicholas Lusiani, senior advisor in the private sector division at Oxfam America.

The unusually harsh feedback adds up to murky prospects for the Financial Accounting Standards Board’s much-watched proposal. FASB asked for public comment on the initiative in March…