Managed Funds Association (MFA), in their comment letter, implores the Financial Accounting Standards Board (FASB) to withdraw its proposed Accounting Stands Update (Update) regarding income tax disclosures by issuers in financial statements. MFA members, who serve as investors, lenders, creditors, and capital allocators, stress the importance of providing accurate and relevant information for making informed investment, credit, and resource allocation decisions. In their letter, MFA highlights concerns regarding the proposed Update, including the potential disclosure of misleading income tax information and the inconsistent application of established accounting principles. Furthermore, the Update fails to address the need for increased transparency and does not improve the decision-usefulness of income tax information financial statements users.
Type
- Comment Letter
Published
- June 2, 2023