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 Urges FASB to Withdraw Proposed Updates Requiring Disclosure of Government Assistance Agreements
On February 10, 2016, TEI submitted a comment letter to the Financial Accounting Standards Board concerning the FASB's proposal to require public disclosure of material terms and conditions of government assistance agreements.
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.
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.