US accounting standard-setters on Thursday published long-awaited rules requiring companies to shed light on one of the most opaque areas of their financial reports: their tax obligations.
Companies starting as soon as 2025 will have to disclose income taxes paid to federal, international, and state governments, net of refunds received. If any jurisdictions account for more than 5% of the total tax obligation, companies will have to list them individually, under the Financial Accounting Standards Board’s update. Companies currently report only a lump-sum figure of taxes they paid, leaving investors and analysts hunting for clues about where their biggest ...