Financial Reporting

FINANCIAL REPORTING

Staff Liaison:

Patrick Evans, Chief Tax Counsel
202.464.8346

 


The Financial Reporting Committee sets TEI's advocacy agenda for tax-related financial reporting matters. The committee monitors developments and interacts with the FASB and other accounting standards-setting bodies around the world.

TEI Submits Comments to the FASB on the ASC 740 Treatment of the New BEAT and GILTI Regimes

TEI, through its Financial Reporting Committee and under the leadership of chair Stephen Dunphy (Silicon Valley Chapter), filed comprehensive comments with the FASB on the financial statement treatment under ASC 740 of the new BEAT (Base Erosion Anti-Abuse Tax) and the GILTI (Global Intangible Low-Taxed Income) tax regime. The BEAT and GILTI were enacted as part of tax reform legislation signed into law on December 22, 2017.

TEI Members Hold Inaugural Liaison Meeting with the FASB

On March 30, 2017, members of TEI’s Financial Reporting Committee met with a delegation of FASB board members and staff to discuss proposed changes to income tax disclosure requirements.

TEI Questions the Utility of Proposed Updates to ASC 740

On December 12, 2016, TEI submitted a comment letter to the Financial Accounting Standards Board concerning proposed changes to the disclosure requirements in ASC 740 (accounting for income taxes).  TEI commended the FASB’s efforts to update this complex accounting standard, but also expressed its view that required tax disclosures are becoming confusingly detailed, subjective, and duplicative.  TEI urged the FASB to reconsider whether the proposed updates truly achieve the FASB’s overarching cost-benefit and decision-usefulness objectives or simply add low value detail and confusion to tax

TEI Comments on FASB Employee Share-Based Payment Accounting Rules

On August 14, 2015, TEI submitted comments to the FASB concerning proposed improvements to the employee share-based payment accounting rules—Topic 718. TEI’s comments focus on the FASB’s proposal to account for excess tax benefits and excess tax deficiencies arising from employee stock compensation directly in earnings (the Earnings Approach). The Institute strongly recommended that the FASB not adopt the proposed Earnings Approach, but instead make simplifying adjustments to the existing APIC accounting rules.

TEI Comments on FASB’s Guidance on Intra-Entity Asset Transfers

On May 18, 2015, TEI submitted comments to the Financial Accounting Standards Board concerning proposed updates to the FASB’s guidance on intra-entity asset transfers.

FINANCIAL REPORTING

The Financial Reporting Committee sets TEI’s advocacy agenda for tax-related financial reporting matters. The committee monitors developments and interacts with the FASB and other accounting standards-setting bodies around the world.

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