The new rules released by the Financial Accounting Standards Board (FASB) on July 13, 2006 – known as FIN 48 – significantly modified how companies account for uncertainty in income taxes. The provisions were effective for SEC registrants for fiscal years beginning after December 15, 2006, and for all other companies for fiscal years beginning after December 15, 2007.
FASB issued FIN 48 to eliminate diverse accounting practices and to clarify the accounting for uncertainty in income taxes recognized on the financial statements. To make financial reporting more comparable, FIN 48 rules address the identification, recognition, measurement, and expand disclosures for inclusion in the company’s financial statements.
SMART’s experienced tax and accounting professionals can help your company make sense of the new provisions and ease the burden of compliance. We can assist and advise clients in tackling the requirements under FIN 48 by:
• Establishing an implementation process to meet and
maintain the requirement
• Assist in the identification of uncertain tax positions in all jurisdictions
• Prepare and/or evaluate the recognition and measurement criteria
• Preparation and review of footnote disclosures
• SOX 404 assessment, testing and remediation |
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