When did FIN 48 become effective?

December 15, 2006December 15, 2006, is applicable to all enterprises subject to US GAAP (including non-profit enterprises), and applies to all income tax positions accounted for in accordance with FASB Statement No. 109.Jun 26, 2020

Is ASC 740 the same as FIN 48?

ASC 740, formerly known as FIN 48, offers guidance on uncertain tax positions. It is broad in scope and now applies to both nonprofit and for-profit entities.

What is FIN 48 Uncertain tax positions?

This interpretation, known as “FIN 48”, is intended to eliminate inconsistency in accounting for uncertain tax positions in financial statements certified in accordance with U.S. GAAP. FIN 48 mandates new rules for recognition, de-recognition, measurement, and disclosure of all tax positions.

What does Fin stand for in FIN 48?

Financial Accounting Standards Board

FIN 48 stands for Financial Accounting Standards Board (“FASB”) No. 48, Accounting for Uncertainty in Income Taxes.

Is FIN 48 a valuation allowance?

To prepare for a possible audit of the valuation allowance, the entity must document the assumptions and decisions used. Before applying a valuation allowance analysis, FIN 48 requires the taxpayer first to assess the likelihood that its tax position will be sustained on review by the tax authorities.

Does FIN 48 still exist?

FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP.

Are real estate taxes in scope of ASC 740?

GAAP. Among the taxes not covered are the following: Sales and use taxes; property taxes; payroll taxes; excise taxes; VAT taxes; and capital (equity) based franchise taxes.