As part of its Simplification Initiative, FASB has issued an Exposure Draft proposing changes to ASC Topic 740, Income Taxes. The proposal would simplify the accounting for income taxes by removing certain exceptions in the area of financial reporting for taxes. The proposal would also make Codification improvements to promote consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending guidance that already exists. Comments are due June 28, 2019.