| New BNA Accounting Policy & Practice
Special Report Explores FIN 48
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Washington, D.C. (September 26, 2006) – On Friday, BNA released a Special Report on FASB Interpretation No. 48 (FIN 48) -- Accounting for Uncertainty in Income Taxes. This is the first Special Report issued since the recent launch of BNA's new Accounting Policy & Practice Portfolio Series.
FIN 48 becomes effective for periods beginning on or after December 15, 2006, meaning that most reporting entities will be required to adopt the new rules in their first quarter 2007 financial statements. This Interpretation is intended to clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements -- in accordance with FASB Statement No. 109, Accounting for Income Taxes -- by prescribing a more-likely-than-not threshold to recognize any benefit of a tax position taken or expected to be taken in a tax return.
The new accounting guidance is likely to create many implementation problems, and may cause many issuers of GAAP financial statements to significantly overstate their ultimate tax liabilities. The Special Report will help practitioners comprehend the new guidance and create a 'game plan' for implementing the new standards.
The Special Report provides explanation and analysis of FIN 48 with practical insight, guidance, and advice from two experts on the topic: Christopher Barton, a director in Deloitte's Washington National Tax FAS 109 Group; and James Browne, a practicing CPA and lawyer, and a partner with Strasburger & Price, LLP.
To access this Special Report, or to learn more about BNA's Accounting Policy & Practice Portfolio Series, visit www.accounting.bna.com or call Customer Relations at 800.372.1033.
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