FIN 48

FASB Won't Re-Open FIN 48 After FAF Review

Tammy Whitehouse March 20, 2012

The Financial Accounting Standards Board has decided not to undertake any changes to accounting rules for uncertain tax positions. The decision came after a review found that, while there is room for improvement, uncertain tax positions are recognized and measured more consistently under FIN 48, and the standard is working well enough. More details inside.

FAF Makes Suggestions to FASB After FIN 48 Review

Tammy Whitehouse January 12, 2012

The Financial Accounting Foundation has finished its post-implementation review of new rules on accounting for uncertain tax positions, with some discouraging results. The review found that while uncertain tax positions are recognized and measured more consistently under FIN 48, the standard doesn't necessarily lead to more comparable information because reported amounts are steeped in judgment and tax code complexities.

IRS Extends Timeframe for Uncertain Tax Disclosures

Tammy Whitehouse March 16, 2010

Following a flurry of feedback to a planned disclosure requirement regarding uncertain tax positions, the Internal Revenue Service is stepping back, further developing the proposal, and extending the comment period for it.That will give companies more time to digest and comment on the IRS plan to require disclosure of uncertain...

IRS Plans New Disclosures on Uncertain Tax Positions

Tammy Whitehouse January 27, 2010

The Internal Revenue Service is planning to require corporate taxpayers to provide brief descriptions of their uncertain tax positions along with the maximum amount of tax exposure if those positions are not sustained.IRS Commissioner Doug Shulman, in a speech to the New York State Bar Association, said the IRS is...

SEC Director Disclaims Privilege Over Audit Work Papers

Tammy Whitehouse December 11, 2009

It seems the Internal Revenue Service isn’t the only government agent interested in perusing corporate audit work papers. It turns out the Securities and Exchange Commission would like to have a look now and then too.In a speech to the American Institute of Certified Public Accountants this week, Robert Khuzami,...

FIN 48 Deferred Again for Non-public Entities

Tammy Whitehouse January 02, 2009

Private companies have won another deferral in complying with a 2006 order from the Financial Accounting Standards Board to disclose more about tax uncertainties.FASB agreed—although reluctantly and not even unanimously—to defer the requirements of Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes for another year for non-public entities....

FASB Plans Another FIN 48 Deferral for Private Companies

Tammy Whitehouse October 15, 2008

Private companies may win another one-year deferral from the Financial Accounting Standards Board on a requirement to disclose more information about uncertain tax positions.In its weekly meeting today, FASB voted reluctantly to propose a one-year deferral on the effective date of Financial Interpretation No. 48 Accounting for Uncertainty in Income...

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