FASB proposes an Accounting Standards Update (ASU) that would simplify the rules for accounting for income taxes, reducing cost and complexity.
The ASU would remove specific exceptions to the general principles in FASB ASC Topic 740, Income Taxes, under GAAP but would not create new accounting requirements that are not previously included in Topic 740.
FASB asks that comments on the proposal be submitted by June 28. Review the details here.