In an effort to increase comparability and consistency in how companies report income tax positions on financial statements, the Financial Accounting Standards Board ('FASB') issued FASB Interpretation Number 48 ('FIN 48'), Accounting for Uncertainty in Income Taxes, on July 13, 2006.
FIN 48: Accounting for Uncertain Income Tax Positions
This article provides a brief overview of the two-step, benefit-recognition approach implemented by FIN 48, a summary of the disclosures required by FIN 48, and a discussion of issues associated with protecting FIN 48 compliance documentation from disclosure to taxing authorities.
By
Peter H. Gruen And Lindsay M. LacavaThis premium content is locked for Accounting and Financial Planning for Law Firms subscribers only
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