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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 codification is effective for interim and annual periods ending after September 15, 2009. All prior accounting standards documents were superseded as described in FASB Statement No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles.
None of the "firms" within the Big Four is actually a single firm; rather, they are professional services networks.Each is a network of firms, owned and managed independently, which have entered into agreements with the other member firms in the network to share a common name, brand, intellectual property, and quality standards.
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 ...
The concept of the Fair Value Hierarchy is therefore introduced in paragraphs 22 through 31 in SFAS No. 157. To provide the financial statement user with more insight into the valuation techniques and to create comparability among financial statements, SFAS No. 157 requires the fair value assets and liabilities to be allocated to different levels or hierarchies based on the transparencies of ...
At the Ontario Superior Court of Justice, Deloitte was held to have been negligent, and Gans J awarded damages totalling $84,750,000 to Livent.In so doing, he observed that the standard of care is based on the profession's generally accepted auditing standards, and that the current state of Canadian jurisprudence concerning an auditor's duty can be expressed as follows: [8]
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.