Final interpretation on Accounting for Income Taxes.FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). has issued a final interpretation of FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting No. 109, Accounting for Income Taxes, which looks to clarify the way companies account for uncertainty in income taxes. The new statement offers a consistent recognition threshold and measurement attribute (1) In relational database management, a field within a record. (2) In object technology, a single element of data. See instance attribute and static attribute. , as well as criteria criteria (krītēr´ē  ),n. for subsequently recognizing, derecognizing and measuring such tax positions for financial statement purposes. [ILLUSTRATION OMITTED] Statement No. 109 is effective for fiscal years beginning after Dec. 15, 2006. For more, visit www.fasb.org/news/nr071306.shtml. |
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