FASB ASC 740, Income Taxes: Disclosure requirements

We continue our reporting on Matters for Further Consideration (MFC) in peer review with our look at the MFCs for 2021 peer reviews pertaining to income taxes. Specifically, we noted an above-average number of MFCs related to income tax disclosures. Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 740-10-50, Income Taxes—Overall—Disclosure, is the source of guidance on the disclosures related to income taxes in the financial statements of all entities. This report lists common deficiencies identified in peer review, provides the related U.S. GAAP disclosure requirements, and provides illustrative disclosures.