|
US GAAP and FIN 48 Tax Reporting |
|
The Financial Accounting Standards Board (FASB) issued interpretation no. 48, Accounting for Uncertainty in Income Taxes- an interpretation of FASB Statement No. 109 (FIN 48). FIN 48 clarifies 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 (SFAS 109). This Interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006.
With FIN – 48 in application, the risk assessment of tax benefits recognized in the Indian local books of accounts is to be reviewed based on the technical merits of the position and meeting US tax reporting requirements.
|
|
|
|
|
|
|
|
|
Assigned Keywords |
|
Chartered Accountants,
Income Tax Consultants,
Payroll Services,
Direct Tax Services,
Legal Consultants,
IT Return Forms,
Payroll Solutions,
Value Added Taxes,
Online Income Tax Filings,
Income Tax Deduction,
Income Tax Returns,
Permanent Account Number,
House Property Tax,
Capital Gains,
Indian Accounting Standards,
Risk Assessments,
NASDAQ,
Dow Jones,
SEBI,
BSE
|
|
 |
Assigned Categories |
|
Finance, Investment & Leasing Consultants & Companies
,
Tax Planners, Practitioners, Agents & Consultants
,
Management Consulting
,
Payment Gateway, Merchant Account & Online Payment Enablers
,
Service Agent
,
Environment Protection, Energy Conservation & Audit Services
,
Accounting Services, CAs, CPAs, ICWAs, Company Secretaries
|
|
|
|
| |
| |
|
)
