The Financial Accounting Standards Board has decided against undertaking a separate project to revise a controversial standard to account for uncertainty in income taxes.
FASB issued a response Tuesday to a post-implementation review of FASB Interpretation No. 48, or FIN 48, “Accounting for Uncertainty in Income Taxes,” by FASB’s parent organization, the Financial Accounting Foundation. The FAF’s report on FIN 48 was the first one it has conducted on how well an accounting standard has worked in practice (see Accounting Standard for Uncertain Income Tax Positions Needs Tweaking).
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