RILA Comments FASB Proposed Accounting Standards Update
The Retail Industry Leaders Association (“RILA”), on behalf of its members, is pleased to respond to the Proposed Accounting Standards Update (Revised) – Income Taxes (Topic 740): Disclosure Framework – Changes to the Disclosure Requirements for Income Taxes, issued on March 25, 2019 (the “Exposure Draft”). By way of background, RILA is the U.S. trade association for leading retailers. RILA members include more than 200 retails, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad. The comments below reflect the input and views of RILA’s Financial Leaders Council and its Tax Committee, which are comprised of senior retail finance and tax executives.