A Look at FIN 48

November 20, 2007 Published Work
The Corporate Counselor, Volume 22, Number 6, November 2007
ALM Law Journal Newsletters

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 changes the way companies must account for uncertain tax positions taken on federal, state and local, and international income tax returns for financial reporting purposes.