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FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP.
Because of the difference in treating the uncertainties, the Financial Accounting Standards Board (FASB) issued in 2006 Interpretation No. (FIN) 48, “Accounting for Uncertainty in Income Taxes” to standardize the accounting for uncertain tax positions (now covered in FASB ASC 740). [1]
The three primary goals of the codification are "simplify user access by codifying all authoritative U.S. GAAP in one spot, ensure that the codification content accurately represented authoritative U.S. GAAP as of July 1, 2009, and to create a codification research system that is up-to-date for the released results of standard-setting activity."
The ASC is published by the Financial Accounting Standards Board, and access to the ASC is free through the Basic View on the FASB web site. The ASC became effective on July 1, 2009, and has since been the authoritative source for all U.S. GAAP, Generally Accepted Accounting Principles (USA). [1]
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
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Repo 105 is Lehman Brothers' name for an accounting maneuver that it used where a short-term repurchase agreement is classified as a sale. The cash obtained through this "sale" is then used to pay down debt, allowing the company to appear to reduce its leverage by temporarily paying down liabilities—just long enough to reflect on the company's published balance sheet.