Thomson Tax & Accounting.Thomson Tax & Accounting, a strategic business unit of The Thomson Corp. and a new strategic partner with FEI FEI Fédération Équestre Internationale. , has developed a solution to assist corporate tax professionals understand and comply with the Financial Accounting Standards Board's Interpretation No. 48--Accounting for Uncertainty in Income Taxes (FIN 48), an 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. Thomson Tax & Accounting's solution includes software licensed from Decision Modeling Inc. (DMI (Desktop Management Interface) The first desktop management standard from the DMTF. Enabling PCs to be monitored from a central console, it was superseded by the DMTF's Common Information Model (see CIM). ), which offers interest calculations needed to properly quantify a corporation's FIN 48 recognition and liabilities. Combining the DMI software with the strength of Thomson Tax & Accounting's corporate income tax offerings, the company said in an announcement, "provides a unique, integrated solution featuring: workflow analysis, best practice templates, interoffice in·ter·of·fice adj. Transmitted or taking place between offices, especially those of a single organization: an interoffice memo; interoffice conferences. memos for efficient communication and additional guidance to help practitioners navigate the Sar-banes-Oxley compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). created by FIN 48." Steve Mendelsohn, senior vice president of Corporate Income Tax at Thomson Tax & Accounting, said, "Through Checkpoint (programming) checkpoint - Saving the current state of a program and its data, including intermediate results, to disk or other non-volatile storage, so that if interrupted the program could be restarted at the point at which the last checkpoint occurred. [R], our state of the art on-line tax research platform, and InSource[R] WorkFlow Manager[TM], our customers have an all-inclusive, integrated solution to properly maintain FIN 48 positions." Michael Knighton Michael Knighton is an English businessman who is best known for his involvement in Manchester United and Carlisle United football clubs. Early life Knighton grew up in Derbyshire and was a talented footballer in his youth, and took on an apprenticeship with Everton in , vice president of Corporate Workflow Tools at Thomson Tax & Accounting, said that the ability to track workflow processes and quickly retrieve documentation during reviews and audits, combined with FIN 48 templates and checklists on the Checkpoint platform, offers tax professionals "unmatched control" of FIN 48 compliance. "Checkpoint's integration with InSource Workflow Manager "will reduce the effort needed to research each position every quarter, further minimizing the burden of FIN 48 compliance," said Knighton. For more information on InSource, visit www.InSource.thomson.com or call 800.865.5257. |
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