Proposal on Accounting for Uncertain Tax Positions.
FASB FASB
See: Financial Accounting Standards Board
FASB
See Financial Accounting Standards Board (FASB). has published an exposure draft of a proposed interpretation,
Accounting for Uncertain Tax Positions, aimed at unifying diverse
methods associated with recognition and measurements in accounting for
income taxes.
The draft requires that a tax position meet a "probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. recognition threshold The point at which a signal (voltage, current, etc.) is perceived as valid. " for the benefit of an uncertain tax position
to be recognized in financial statements, and would replace 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 109, Accounting for Income Taxes.
The comment period ends Sept. 12.
For more, visit www.fasb.org/news/nr071405.shtml.
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