FIN 48

Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement 109

Issued in 2006, FIN 48 requires companies to take a more structured approach in reporting uncertain tax positions on their financial statements.
FIN 48:

• Increases the relevancy and comparability of financial reporting
• Clarifies the way companies account for uncertainty in income taxes
• Makes recognition and measurement more consistent
• Offers clear criteria for subsequently recognizing, derecognizing and measuring such tax positions for financial statement purposes

In early 2008, FASB voted to defer the effective date of FIN 48 for certain nonpublic enterprises. FIN 48 will go into effect for nonpublic companies for periods beginning after Dec. 15, 2007.

Test your FIN 48 knowledge

Do you think you know everything you need to know about FIN 48? Take this quick quiz and see if you make the grade.

• FIN 48 Quick Quiz

FIN 48 News Bytes

• Private companies receive partial FIN 48 exemption

Quick Links and Online Resources

• Staff Position (FSP) FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises
• FASB Interpretation 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement 109

Education Resources & Upcoming Events

• Don’t let hot issues catch you cold: Onsite training is the solution
  
  
• Accounting for Income Taxes: Applying SFAS No 109/FIN 48: A Whole New Ballgame
  Nov. 20, Akron
  
  
• Accounting for Income Taxes: Applying SFAS No 109/FIN 48: A Whole New Ballgame
  Dec. 18, Dayton
  
  
• Advanced Tax Practice
  Dec. 9, Dublin

More hot issues being monitored by The Ohio Society:

Back to Issue Monitoring page