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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.
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 standard in final form is only issued when comments have been incorporated or addressed. This aims to address the criticisms levelled at the ASC, whose comment process was less rigorous. Issues that require an immediate solution are considered by the Urgent Issues Task Force (UITF). The UITF comprises a number of senior figures from ...
Deloitte Touche Tohmatsu Limited (/ d ə ˈ l ɔɪ t ˈ t uː ʃ t oʊ ˈ m ɑː t s uː / də-LOYT TOOSH toh-MAHT-soo), commonly referred to as Deloitte, is a multinational professional services network based in London, England.
The distinction between sales-type and direct financing leases has changed: whereas in ASC 840 the test was whether the fair value of the leased asset was different from the lessor's cost or carrying amount (if so, the lease is a sales-type lease), in ASC 842, any lessor lease that meets the lessee finance lease tests (based on rents and ...
Ucuzoglu joined Deloitte in 1997. [8] Prior to being appointed the Global CEO of Deloitte, he served as CEO of Deloitte US from 2019 to 2022. Ucuzoglu is a regular speaker at business schools across the US, including Duke University's Fuqua School of Business, [9] Yale University's School of Management, [10] University of Virginia Darden School of Business, [11] University of Southern ...
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.