FASB Interpretation 48

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FIN 48 Latest Developments

In the January 2007 FASB Action Alert No. 07-04, the FASB decided not to delay the effective date of FIN 48.

FSP FIN 48-1, "Definition of Settlement in FASB Interpretation No. 48"
(Posted: May 2, 2007)

FASB Interpretation 48

Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109




The Financial Accounting Standards Board (FASB) issued interpretation no. 48, Accounting for Uncertainty in Income Taxes- an interpretation of FASB Statement No. 109 (FIN 48). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes (SFAS 109). This Interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. FASB Interpretation: FIN 48-2 - Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises - FIN 48 Deferral for Certain Nonpublic Entities (Issued February 1, 2008) FIN 48- Full Text of Interpretation (Issued June 2006) FIN 48 – Summary of Interpretation (Issued June 2006) Status of FIN 48 – Including effective date and affects on other FASB standards and/or interpretations (Issued June 2006) SFAS 109, Accounting for Income Taxes – Full Text of Standard (Issued February 1992) SFAS 109, Accounting for Income Taxes – Summary of Standard (Issued February 1992) FASB Staff Positions (FSPs) Relevant to FIN 48 SEC Regulations Committee: Disclosure of FIN 48 Liabilities in the Contractual Obligations Table (Discussion Document E from the April 17, 2007 joint meeting of the SEC Regulations Committee and SEC Staff) Determining the Amount of Interest on FIN 48 Liabilities to be Included in Fixed Charges for Purposes of Calculating the Ratio of Earnings to Fixed Charges (Discussion Document F from the April 17, 2007 joint meeting of the SEC Regulations Committee and SEC Staff) View the FIN 48 Implementation Discussion Document Issued by AICPA SEC Regulations Committee – Revised as of February 6, 2007 (Appendix A from the September 26, 2006 SEC Regulations Committee joint meeting with the SEC staff) Learn More about FIN 48: June 28, 2007 Letter to Fidelity Investments, Massachusetts Financial Services Company and OppenheimerFunds, Inc. re: Implementation of FASB Interpretation No. 48 (SEC Division of Investment Management) The Economics of FIN 48: Accounting for Uncertainty in Income Taxes, Speech by Chester S. Spatt, SEC Chief Economist (March 2007) IRS To Help GAAP Basis Taxpayers Clean Up Tax Accruals as FIN 48 Disclosures Loom – The AICPA Tax Center, which provides guidance, information, and practice tools to the tax practitioner, has issued this Tax Section E-Alert in order to alert member of the IRS offer of help with FIN 48 compliance. This alert provides a direct link to the IRS guidance and direction. Learn More>> FIN 48 Update – These slides were extracted from the SEC Quarterly Update Series Web Cast - 3rd Quarter 2006 (September 2006). This Web cast has been archived and is available on CD-ROM. This portion of the quarterly web cast concentrated on FIN 48 and discussed the scope; initial recognition; subsequent recognition; and a two step model that can be used in implementation of FIN 48. Useful Tools: FIN 48 — Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/Auditors! (CPE Self Study) Find implementation guidance for complying with major new tax documentation and disclosure requirements. Practice Guide on Accounting for Uncertain Tax Positions Under FIN 48 (November 2006) – Prepared by the AICPA Accounting Standards, Auditing and Attest Standards, and Tax Teams Accounting for Income Taxes — Applying SFAS No.109/FIN 48: A Whole New Ballgame! – (CPE Self-Study) FASB's issuance of FIN 48 in June 2006 makes it essential that tax professionals now become active participants in the process. Find guidance on applying this complex standard within this CPE self-study course.