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The Accounting Standards Update (ASU) 2023-09, issued by the Financial Accounting Standards Board (FASB), aims to enhance transparency and improve the clarity of income tax disclosures.
When is the new standard effective?
Generally, ASU 2023-09 is effective for public business entities beginning in calendar year 2025 and other entities one year later. This update introduces several key changes that impact how companies report income tax-related information in their financial statements.
What does ASU 2023-09 mean for businesses and tax reporting professionals?
For CFOs, accounting leaders, and tax professionals, Riveron’s tax advisory brief outlines the high-level impacts and steps companies can take in anticipation of implementing ASU 2023-09 —Improvements to Income Tax Disclosures, which is an important update to the FASB guidance on Income Taxes (Topic 740).
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As a trusted guide to public and private companies, Riveron simplifies complexities related to accounting, tax advisory, and navigating several other matters relevant to the Office of the CFO, private equity, and key stakeholders.
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