As part of the Disclosure Framework Project, FASB has issued a revised proposed ASU related to Income Taxes (Topic 740). The Proposed ASU, Disclosure Framework- Changes to the Disclosure and Requirements for Income Taxes, adds new disclosures, modifies existing and also reduces certain disclosures. The goal is to improve the effectiveness of disclosure notes and reduce diversity in practice by applying the updated Disclosure Framework. While originally proposed in 2016, the new proposal takes into consideration Chapter 8 of the Conceptual Framework as well as the Tax Cuts & Job Act (TCJA). Comments are due May 31, 2019.