GAAP Accounting for Uncertainty in Income Taxes – FASB Interpretation No. 48
FIN 48, issued by the Financial Accounting Standards Board (“FASB”) in July 2006, changes the way many companies must account for income taxes on their financial statements. FASB recently rejected calls for a delay of this change in accounting rules, and compliance with FIN 48 is mandatory for fiscal years beginning after December 15, 2006. View full article (PDF).