The Financial Accounting Standards Board has published
The guidance is intended to answer three questions:
1. Is the income tax paid for by the entity attributable to the entity or its owners?
2. What constitutes a tax position for a pass-through entity or a tax-exempt not-for-profit entity?
3. How should accounting for uncertainty in income taxes be applied when a group of related entities comprise both taxable and nontaxable entities?
In addition, after consulting with the Private Company Financial Reporting Committee and other constituents, FASB also decided to eliminate some disclosures for non-public entities.
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