The Financial Accounting Standards Board has unanimously voted to move forward in implementing new rules that require public companies to take a more structured approach in reporting uncertain tax positions on their financial statements.

The vote means that the board’s Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” -- more commonly referred to as FIN 48 -- will be effective for fiscal years beginning after Dec. 15, 2006. Companies will have to give a range of the likely impact in their annual reports for 2006.

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

Don't have an account? Register for Free Unlimited Access