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FASB exposure draft on uncertain tax positions.
Tax Adviser, The, October, 2005 by Guertin, Scott; Terpening, Rob
On July 14, 2005, the Financial Accounting Standards Board (FASB) issued an exposure draft of a proposed interpretation of FASB Statement No. 109, Accounting for Income Taxes, addressing "Accounting for Uncertain Tax Positions." (1) This interpretation is intended to reduce perceived inconsistencies in applying the accounting rules for income tax contingencies.
Overview
Companies have followed a variety of approaches, ranging from evaluating potential loss to recording only positions probable of being sustained, and various positions in between. The exposure draft adopts the most conservative approach, by requiring that each tax position be evaluated as to its likelihood of being sustained. Basically, tax positions will include deductions, credits and...
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