The Financial Accounting Standards Board has published implementation guidance on accounting for uncertainty in income taxes and disclosure amendments for nonpublic entities.
The guidance is intended to answer three questions:
1. Is the income tax paid for by the entity attributable to the entity or its owners?
2. What constitutes a tax position for a pass-through entity or a tax-exempt not-for-profit entity?
3. How should accounting for uncertainty in income taxes be applied when a group of related entities comprise both taxable and nontaxable entities?
In addition, after consulting with the Private Company Financial Reporting Committee and other constituents, FASB also decided to eliminate some disclosures for non-public entities.
For more information, visit www.fasb.org.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access