Conducting business in today’s global environment has become increasingly complex, and accounting standards have, for the most part, followed suit. In an effort to stem this trend, the FASB undertook several projects aimed at reducing the complexity of accounting for income taxes while maintaining or improving the usefulness of information provided to users of financial statements. These initiatives proved particularly challenging, as the views of financial statement preparers and users were often at odds with the only common thread being the unnecessary complexity of existing rules. In this session, panelists will engage in an interactive dialog, looking back at prior simplification projects, the lessons learned from them, and the lifecycle of a FASB standard. With this background, they will shift to the present, covering current simplification initiatives and best practices, as well as future initiatives the FASB may undertake.
At the conclusion of this course, participants should:
Have a more informed understanding of the FASB’s efforts to simplify accounting standards that impact accounting for income taxes
Identify and understand the often conflicting views of financial statement preparers and users
Understand the lifecycle of a FASB standard
Be aware of future initiatives the FASB may undertake