New income tax disclosure requirements – getting ready

This episode provides an overview of new FASB income tax guidance requiring disaggregated information about a reporting entity’s effective tax rate reconciliation as well as income taxes paid. The FASB’s updates are intended to benefit investors by providing more detailed income tax disclosures that may be useful in making capital allocation decisions.

In this episode, we discuss:

• 0:20 - Background on and an overview of the new guidance
• 6:50 - Disaggregated rate reconciliation disclosures 
• 26:16 - Disaggregated income taxes paid disclosures
• 33:15 - Other changes to existing income tax disclosures
• 35:18 - Effective dates and transition

For more information, read our publication, FASB issues guidance on income tax disclosures. Additionally, follow this podcast on your favorite podcast app for more episodes.

Jennifer Spang is the PwC National Office income tax accounting leader, specializing in tax accounting under US GAAP and IFRS. She has over 30 years of experience helping companies in a variety of industries navigate complex tax accounting matters.

Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

Chapters

• 0:20 Background on and an overview of the new guidance
• 6:50 Disaggregated rate reconciliation disclosures
• 26:16 Disaggregated income taxes paid disclosures
• 33:15 Other changes to existing income tax disclosures
• 35:18 Effective dates and transition