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 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 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 Insights from the Initial Post Implementation Review of FIN 48 written by Jennifer Blouin and published by . This book was released on 2013 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2009, the Financial Accounting Foundation (FAF) determined that the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) standard setting process required a formal review to monitor and address issues that can arise after the implementation of accounting standards. The FAF selected FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, as the initial post-implementation review (PIR) standard. This paper informs the academic community about the PIR process and provides an academic perspective on the initial PIR of FIN 48. In particular, we demonstrate the role of the academic literature using the FIN 48 literature review prepared as part of the PIR process.
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 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 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 Can a Financial Statement Pronouncement Increase State Tax Compliance and Revenues written by Ann Boyd Davis and published by . This book was released on 2010 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1982, 40 states and the District of Columbia have offered amnesty programs. In December 1990, the Multistate Tax Commission (MTC) established the National Nexus Program (NNP), a permanent tax amnesty program. Prior literature has focused on amnesty programs and has shown that these programs do little to increase tax revenues and compliance when increased future enforcement is absent. I examine the impact of the NNP on state corporate tax revenues. From 1991 through 2008, state corporate tax revenues are significantly lower than revenues from 1973 through 1990. Further, I find that states joining the NNP have a negative impact on state corporate tax revenues; however, the initial year impacts revenues differently than all other years. The implementation of Financial Interpretation No. 48 (FIN 48) provides another reason for firms to disclose in the NNP. Specifically, to reduce the FIN 48 liability on financial statements, firms may disclose in the NNP. The primary purpose of FIN 48 is to increase the comparability and transparency of financial reporting of income taxes through requiring consistent recording and disclosure across firms. Although FIN 48 has been replaced with the Accounting Standard Codification 740-10, I continue to refer to FIN 48 because of familiarity. I examine whether FIN 48 resulted in an increased number of firms entering the NNP by state. I also investigate whether FIN 48 impacted the dollar amount of NNP disclosures by state. Using aggregated proprietary data obtained from the NNP and matched with hand-collected data from 1994 through 2008, I find that FIN 48 has a positive effect on the number of NNP disclosures but has no impact on the dollar amount of disclosure. Rather, for states joining the NNP, the dollar amount of disclosure tends to be driven by the states adopting combined reporting requirements. In examining publicly-traded firms on an individual case basis, I find that economic presence and voluntary compliance initiatives predominately have a negative effect on the dollar amount of disclosure while FIN 48 has an insignificant impact.
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 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 The Cost of Compliance written by Matthew Erickson and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective for fiscal years beginning after December 15, 2006, FIN 48 significantly altered uncertain tax benefit (UTB) recognition and disclosure requirements relative to its predecessor standard, FAS 5. We examine the effect of the new standard on audit pricing. We first document that UTB-related audit fees increased following the implementation of FIN 48. However, we also find that this increase is primarily driven by a spike in the audit pricing of UTBs in 2007. Indeed, we find that the audit pricing of UTBs in the 2008-2012 period is not significantly different from that of the 2002-2006 period. We interpret these results to indicate that although firms incurred significant FIN 48 implementation costs, the ongoing audit pricing of UTBs under FIN 48 is similar to that of FAS 5. Our findings suggest that any potential benefits of FIN 48 may outweigh associated costs related to a temporary increase in audit fees.
Download or read book Advances in Taxation written by John Hasseldine and published by Emerald Group Publishing. This book was released on 2017-09-29 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax researchers have an important role to play in conducting and publishing rigorous quality research in the uncertain times facing the world’s tax systems. There are many research questions to be addressed, and Advances in Taxation invites submissions on a broad range of tax topics.
Download or read book Issues in Accounting Administration and Corporate Governance 2011 Edition written by and published by ScholarlyEditions. This book was released on 2012-01-09 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in Accounting, Administration, and Corporate Governance: 2011 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Accounting, Administration, and Corporate Governance. The editors have built Issues in Accounting, Administration, and Corporate Governance: 2011 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Accounting, Administration, and Corporate Governance in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in Accounting, Administration, and Corporate Governance: 2011 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Download or read book Implementing Financial Regulation written by Joanna Gray and published by John Wiley & Sons. This book was released on 2006-05-01 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now that the Financial Services and Markets Act 2000 has had a chance to bed itself down and the Financial Services Authority (FSA) is developing its new regulatory toolkit and modus operandi, financial regulation has moved on in interesting directions. This book takes a critical look at the principles and practices behind this regulation, as well as the theory that is involved. This book goes further than a description of the laws that are currently out there, by analysing the impact and implications of the new financial regulations, making it a ’must-read’ for law, finance and accounting practitioners. Coverage includes: Regulation and compliance; disclosure risk and regulation and stakeholders in financial regulation.
Download or read book Sec Disclosures Checklist 2009 Edition written by Ronald G. Pippin and published by CCH. This book was released on 2009-02 with total page 1620 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 Accounting for Income Taxes written by Bobby Carmichael and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
