ARLINGTON, Va., Aug. 6, 2025 /PRNewswire/ — Bloomberg Tax announced today a significant enhancement to its Provision software with the introduction of a new rate reconciliation report designed to adhere with the latest FASB Accounting Standards Update (ASU 2023-09). One of the only embedded solutions of its kind, this update ensures companies can seamlessly align with the new categorical requirements, maintaining compliance with ASC 740 disclosure requirements.
The new report disaggregates income tax rate reconciliations into eight specific categories, presented in both percentages and dollar amounts as required by the ASU 2023-09. It also provides additional disclosure for taxes paid across federal, state, and foreign jurisdictions, creating greater transparency for stakeholders and streamlining the often-complex tax provision process.
“The updates to Bloomberg Tax Provision demonstrate our commitment to helping companies stay ahead of regulatory changes,” said Evan Croen, head of Bloomberg Tax. “By leveraging Bloomberg Tax Provision in conjunction with Bloomberg Tax Workpapers, corporate tax professionals can save time and enhance accuracy, all while ensuring compliance with the new FASB requirements for years to come.”
The enhanced software includes new and updated reports to further simplify workflow, such as the ASU 2023-09 Rate Rec Tab Report and an updated auditor’s report with the new rate reconciliation tab. The focus on automation and intuitive design offers a seamless and efficient approach to ASC 740 calculations.
The FASB Accounting Standards Update 2023-09, effective for public companies with annual periods beginning after December 15, 2024, introduces heightened transparency and granularity in tax disclosures. Bloomberg Tax Provision’s tools are purposely-built to address these requirements, equipping businesses with the ability to adapt their processes with ease.
For more information and to schedule a demo, visit https://aboutbtax.com/bi7u.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions. From our unparalleled Tax Management Portfolios to technology designed to streamline the most complex planning and compliance scenarios, we deliver essential news and analysis, practical perspectives, and software that help tax and accounting professionals around the globe mitigate risk and maximize business results. For more information, visit Bloomberg Tax.
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SOURCE Bloomberg Tax & Accounting
