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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]
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.
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 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."
Guidehouse began as PricewaterhouseCoopers' U.S. public sector business and in 2018, New York private equity firm Veritas Capital acquired the company.
PwC coined the term E7 to describe the seven emerging economies which the company is predicting will take over today's G7 nations by 2050. Those seven emerging nations are China, Russia, India, Mexico, Indonesia, Turkey and Brazil. [61] PwC assesses a country's risk premium, an important factor in analyzing the valuation of an entity. [62] [63]