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Post-Implementation Review of FASB Standard (FIN 48, Uncertainty in Income Taxes) Finds Benefits Exceeded Costs; Recommends Improvements In FASB Process

A report released yesterday by the Financial Accounting Foundation concludes that although the benefits of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48) exceed the costs, and recommended improvements to the FASB’s standard-setting process.

The findings were contained in the FAF’s first Post-Implementation Review (PIR) report on a FASB standard: Post-Implementation Review Report on FIN 48, Accounting for Uncertainty in Income Taxes.

See also the companion documents released yesterday: A Description of FAF’s Post-Implementation Review Process, and FAQ’s About FAF’s Post-Implementation Review (PIR) Process), and the FAF’s press release.

We may have more to say about the PIR report and/or link to others’ commentary/observations in future blog posts.

In other FAF/FASB news, as a reminder, January 14 is the comment deadline on the FAF’s Plan to Establish the Private Company Standards Improvement Council (PCSIC).

Posted: 1/13/2012 4:40:33 PM by Edith Orenstein | with 0 comments
Filed under: FAF, FASB, FIN, Income, Post-Implementation, Review, Taxes, Uncertain, Uncertainty, 48

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