Detail An Update on Accounting for Uncertainty in Income Taxes   Oleh:  O'Dell, Judith H. ; Glotzer, Paul H. Jenis: Article from Bulletin/Magazine Dalam koleksi: Journal of Accountancy vol. 208 no. 6 (Dec. 2009), page 45. Topik: FASB Accounting Standards Codification (ASC); FASB Interpretation no. 48 (FIN 48); Income Tax Standards Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.28 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Preparers of private company and not-for-profit organization financial statements will have to implement provisions of Topic 740 of the FASB Accounting Standards Codification (ASC) relating to accounting for uncertainty in income taxes (formerly FASB Interpretation no. 48, commonly known as FIN 48) for annual financial statements for periods beginning after Dec. 15, 2008. This article addresses some considerations in implementing Topic 740 relating to accounting for uncertainty in income taxes, with an emphasis on pass-through entities and tax-exempt not-for-profit organizations. FIN 48 was effective for fiscal years beginning after Dec. 15, 2006, and included pass-through entities and tax-exempt not-for- profit organizations within its scope, even though these types of entities are not typically subject to income taxes. As a result, many questions arose about how pass-through entities and tax-exempt not-for-profit organizations were to apply this standard. FIN 48 did not provide any relevant examples. In September 2007, after conducting outreach to its constituents, the Private Company Financial Reporting Committee (PCFRC) recommended that FASB defer FIN 48’s effective date for nonpublic entities until clarification and guidance were issued on its implications for pass-through entities. In addition, the PCFRC asked the board to consider the usefulness of FIN 48’s disclosure requirements for private companies. In May 2008, after further outreach to preparers and users of private company financial statements, the PCFRC recommended that FASB exempt private companies from FIN 48. In response, FASB convened a “user panel” in August 2008 consisting of bank lending officers, sureties and venture capitalists. The board declined to exempt private companies and not-for-profit entities from FIN 48. However, as a result of the input from the user panel, the board decided to modify the disclosure requirements for nonpublic entities. Accounting Standards Update (ASU) 2009-06, issued Sept. 2, 2009, modified the ASC to provide the needed guidance and eliminate certain disclosures for nonpublic entities relating to unrecognized tax benefits. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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