The Financial Accounting Foundation has conducted its first post-implementation review of an accounting standard, starting with FIN 48, “Accounting for Uncertainty in Income Tax Positions,” and found it generally achieved its purpose, though it still needs some improvement.

In a report Thursday on the standard, the FAF, which oversees the Financial Accounting Standards Board, found that the 2006 standard generally meets its goal of increasing the relevance and comparability in reporting information about income tax uncertainties.

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