FASB Issues Proposed Taxonomy Implementation Guide for Income Taxes

The Financial Accounting Standards Board (FASB) has published a proposed Taxonomy Implementation Guide, Income Taxes (Topic 740) (Guide) based on the 2024 GAAP Financial Reporting Taxonomy (Taxonomy). The proposed Guide demonstrates the modeling for the reporting of income taxes under FASB Accounting Standards Codification Topic 740 through examples and focuses on detail tagging only (Level 4).

The public comment period will end on September 3, 2024. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.