Download or read book Fin 48 Answer Book 2009 Edition written by Mark L. Friedlich and published by CCH. This book was released on 2008-08 with total page 974 pages. Available in PDF, EPUB and Kindle. Book excerpt: FIN 48 Answer Book is designed to for practitioners who need quick and authoritative answers to questions concerning the implementation of FIN 48. This book uses simple straightforward language to provide guidance on consistent accounting practices and criteria for enterprises reporting tax benefits from uncertain tax positions. The question-and-answer format, with its breadth of coverage, effectively conveys the complex subject matter of implementing and applying FIN 48.

Download or read book One Year Later written by Nancy B. Nichols and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the issuance of FASB Interpretation No. 48 (FIN 48), lt;Igt;Accounting for Uncertainty in Income Taxes, lt;/Igt;in July 2006, corporate tax executives have expressed concerns that the implementation of FIN 48 would provide the IRS with a road map for uncovering uncertain tax positions. An analysis of the 2007 FIN 48 disclosures of calendar year-end lt;Igt;Fortunelt;/Igt; 500 companies found that it is unlikely the IRS will gather much useful information from the disclosures. FIN 48 does not require any disaggregation of the disclosures by jurisdiction and none of the sample companies provided a breakdown by jurisdiction. Because the majority of lt;Igt;Fortunelt;/Igt; 500 companies operate in multiple states and foreign locations, the IRS cannot readily identify U.S. tax contingencies. The only potential value that the FIN 48 disclosures may provide the IRS is to assist them in risk analysis when identifying which taxpayers to select for audit.The study also found that a large percentage of companies reported changes to prior year tax positions. That finding reminds financial statement users that while the FASB can provide specific guidance for evaluating uncertain tax positions, management must still exercise a significant amount of judgment in the evaluation process. In addition, the explanations provided were typically vague or ambiguous, effectively reducing the value of the disclosure to the reader.

Download or read book FIN 48 written by David M. Sheehan and published by . This book was released on 2006 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: "New FASB Interpretation 48 on Accounting for Uncertainty in Income Taxes ("FIN 48") will soon become effective, setting new thresholds for recognizing and measuring the benefits of a company's tax return positions in its financial statements."

Download or read book FIN 48 Accounting for Uncertain Income Tax Positions written by Warren, Gorham & Lamont and published by . This book was released on 2007 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Differences between FIN 48 and IFRIC 23 written by Carolin Seibert and published by Springer Nature. This book was released on 2022-08-31 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertainties about the tax treatment of business transactions in the tax return or tax balance sheet can cause significant accounting challenges for current and deferred taxes in the financial statements. Whereas the accounting treatment of tax risks or tax audit risks has been regulated under US GAAP since 2006, a corresponding IFRS regulation was only published in 2017 and is effective from the 2019 fiscal year. The author takes this as an opportunity to analyze and critically assess the differences between the US GAAP accounting regulation “FIN 48 – Accounting for Uncertainty in Income Taxes” and the IFRS accounting regulation “IFRIC 23 – Uncertainty over Income Tax Treatments”. Building on the insights from her analysis, the author also examines the problem areas arising from IFRIC 23 from the perspective of the German tax authorities, German business practice and German advisory practice.

Download or read book FIN 48 and Tax Compliance written by Lillian F. Mills and published by . This book was released on 2011 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a model to examine the effects of Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), on the strategic interaction between publicly-traded corporate taxpayers and the government. Several of our findings contradict conjectures voiced by members of the business community regarding the economic effects of implementing FIN 48. Specifically, taxpayers with strong facts obtain higher expected payoffs from uncertain tax benefits and some disclosed liabilities understate the expected tax liability. Consistent with the common conjectures, however, some taxpayers are more likely to be audited or are deterred from entering into transactions that generate uncertain benefits because of FIN 48.

Download or read book An Analysis of FIN 48 accounting for Uncertain Tax Positions written by Danielle E. Rolfes and published by . This book was released on 2008 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Analysis of FIN 48 written by Christopher Barton and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Implementing FIN 48 written by Fred F. Murray and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book FIN 48 written by Cleary Gottlieb Steen & Hamilton LLP. and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book An Early Look at FIN 48 Disclosures written by Cristi A. Gleason and published by . This book was released on 2007 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book FIN 48 Uncertainty and Transfer Pricing written by Susan C. Borkowski and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Accounting Standards Board Interpretation No. 48: Accounting for Uncertainty in Income Taxes (hereafter, FIN48) has changed significantly how corporations must disclose uncertain tax positions. One uncertain tax position experienced by most TNCs is related to the cross-border shifting of income due to its transfer pricing transactions, its characterization of specific transactions as not affecting reportable income or as tax exempt, and its management decision that specific income is not taxable by a foreign tax authority (August 2008). The main areas of interest in this study are a TNC's disclosures of its uncertain tax positions both generally and specific to transfer pricing. These disclosures are assessed pre- and post-FIN 48 implementation in both a traditional statistical analysis and in a content analysis of the related footnotes to the annual reports for 2006 through 2009. DATA ANALYSIS IN PROCESS.

Download or read book FASB IRS Working on FIN 48 Implementation written by Fred F. Murray and published by . This book was released on 2007 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book What Can We Learn About Uncertain Tax Benefits from FIN 48 written by Jennifer Blouin and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: FIN 48, Accounting for Uncertainty in Income Taxes, standardizes accounting for uncertain tax benefits and requires companies to disclose their tax reserve amounts. We summarize hand-collected disclosures related to tax reserves from 2005 through the first quarter of 2007. For the largest 100 non-financial, non-regulated firms, the reserve at adoption on January 1, 2007 is $78 billion excluding interest, or about two percent of assets. Of this $78 billion, an estimated $58 billion would affect earnings if ever released.

Download or read book Are Tax and Non tax Factors Associated with Fin 48 Disclosures written by Janet L. McDonald and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the determinants of tax aggressiveness. I utilize the unrecognized tax benefits (UTB) disclosed by the adoption of Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48) to proxy for firms̕̕ tax aggressiveness. I hand collect UTB disclosures for 562 calendar year-end firms in the S & P 1500. Controlling for firms̕ incentives and abilities to engage in aggressive tax positions (tax factors) and firms̕ discretion over recognizing the financial reporting benefits of aggressive tax positions, I examine whether firms̕ level of aggressive tax positions is influenced by (1) financial reporting aggressiveness, (2) choice of auditor, (3) analyst coverage, and (4) corporate governance quality. Using ordinary least squares regression, I examine the determinants of firms total UTB and its permanent and temporary components. I find that UTB and its permanent component are positively associated with firm size, presence of foreign operations, research and development activity, selling, general and administrative activity, firm value, and the probability that the firm engages in tax shelter activity. However, the temporary component is only increasing in firm size. Also, I find that UTB and its permanent component are positively associated with firms engaging in financial reporting aggressiveness and increasing auditor provided tax services, but negatively associated with analyst coverage, while the temporary component is only positively associated with financial reporting aggressiveness. Finally, I split the sample based on firms̕ use of discretion over recognizing the tax benefits of aggressive tax positions prior to FIN 48 adoption. I find that firms which aggressively recognize tax benefits prior to FIN 48 adoption (i.e. firms that increased UTBs at FIN 48 adoption) have UTBs that are positive and significantly associated with (1) the probability that a firm engages in tax shelter activity, (2) auditor provided tax services, and (3) their record of using last chance earnings management to meet or beat analyst forecasts. These associations are not significant for firms that did not aggressively recognize tax benefits prior to FIN 48 adoption, suggesting that firms̕ financial reporting aggressiveness is positively associated with firms̕ level of tax aggression.

Download or read book Accounting for Income Taxes written by Amy Dunbar and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: ... provides a comprehensive analysis of FASB interpretation no. 48, Accounting for uncertainty in income tax position--an interpretation of FASB statement no. 109, which addresses the accounting for uncertainty in income taxes recognized in a company's financial statements in accordance with FASB statement no. 109, Accounting for income taxes.

Download or read book Pre empting Disclosure Firms Decisions Prior to FIN 48 written by Jennifer Blouin and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: FIN 48, Accounting for Uncertainty in Income Taxes (FASB 2006), requires firms to disclose tax reserves and to record changes in tax reserves at adoption of FIN 48 as cumulative effect adjustments in stockholders' equity. We predict that between the enactment and adoption of FIN 48, relative to historical levels, firms settle disputes more often to potentially decrease visibility to the IRS and release reserves more often to reduce scrutiny and increase earnings (as opposed to retained earnings). We analyze 2005 and 2006 10-Qs and 10-Ks for the 100 largest nonfinancial, nonutility firms followed by analysts. Between enactment and adoption of FIN 48, relative to historical levels, firms report more settlements with tax authorities and release reserves more frequently. In addition, firms with higher IRS deficiencies are more likely to settle disputes. Between enactment and adoption of FIN 48, firms increased earnings by releasing $4.4 billion of tax reserves, nearly equaling the $4.5 billion released at adoption.