There have been calls by financial statement users for increased transparency with regard to financial statements. It seems the regulators are taking those demands seriously, not just by enacting standards aimed at increasing transparency, but also by ensuring that the standard-setting process is more transparent.
That was obvious last week when the Financial Accounting Standards Board considered whether it should delay implantation of FASB Interpretation (FIN) No. 48, "Accounting for Uncertainty in Income Taxes," which requires companies to follow a very prescribed format to determine the likelihood that a position taken on their tax return will be, in fact, likely to be successful, effective for years beginning after Dec. 15, 2006. The determination affects what it shown on their financial statements.
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