Analysis Of Fin 48
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Analysis Of Fin 48
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Author : Christopher Barton
language : en
Publisher:
Release Date : 2006
Analysis Of Fin 48 written by Christopher Barton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Financial statements categories.
An Analysis Of Fin 48 Accounting For Uncertain Tax Positions
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Author : Danielle E. Rolfes
language : en
Publisher:
Release Date : 2008
An Analysis Of Fin 48 Accounting For Uncertain Tax Positions written by Danielle E. Rolfes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Income tax categories.
One Year Later
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Author : Nancy B. Nichols
language : en
Publisher:
Release Date : 2009
One Year Later written by Nancy B. Nichols and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Since the issuance of FASB Interpretation No. 48 (FIN 48), lt;Igt;Accounting for Uncertainty in Income Taxes, lt;/Igt;in July 2006, corporate tax executives have expressed concerns that the implementation of FIN 48 would provide the IRS with a road map for uncovering uncertain tax positions. An analysis of the 2007 FIN 48 disclosures of calendar year-end lt;Igt;Fortunelt;/Igt; 500 companies found that it is unlikely the IRS will gather much useful information from the disclosures. FIN 48 does not require any disaggregation of the disclosures by jurisdiction and none of the sample companies provided a breakdown by jurisdiction. Because the majority of lt;Igt;Fortunelt;/Igt; 500 companies operate in multiple states and foreign locations, the IRS cannot readily identify U.S. tax contingencies. The only potential value that the FIN 48 disclosures may provide the IRS is to assist them in risk analysis when identifying which taxpayers to select for audit.The study also found that a large percentage of companies reported changes to prior year tax positions. That finding reminds financial statement users that while the FASB can provide specific guidance for evaluating uncertain tax positions, management must still exercise a significant amount of judgment in the evaluation process. In addition, the explanations provided were typically vague or ambiguous, effectively reducing the value of the disclosure to the reader.
Differences Between Fin 48 And Ifric 23
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Author : Carolin Seibert
language : en
Publisher: Springer Nature
Release Date : 2022-08-31
Differences Between Fin 48 And Ifric 23 written by Carolin Seibert and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-31 with Business & Economics categories.
Uncertainties about the tax treatment of business transactions in the tax return or tax balance sheet can cause significant accounting challenges for current and deferred taxes in the financial statements. Whereas the accounting treatment of tax risks or tax audit risks has been regulated under US GAAP since 2006, a corresponding IFRS regulation was only published in 2017 and is effective from the 2019 fiscal year. The author takes this as an opportunity to analyze and critically assess the differences between the US GAAP accounting regulation “FIN 48 – Accounting for Uncertainty in Income Taxes” and the IFRS accounting regulation “IFRIC 23 – Uncertainty over Income Tax Treatments”. Building on the insights from her analysis, the author also examines the problem areas arising from IFRIC 23 from the perspective of the German tax authorities, German business practice and German advisory practice.
Fin 48 Uncertainty And Transfer Pricing
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Author : Susan C. Borkowski
language : en
Publisher:
Release Date : 2014
Fin 48 Uncertainty And Transfer Pricing written by Susan C. Borkowski and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Financial Accounting Standards Board Interpretation No. 48: Accounting for Uncertainty in Income Taxes (hereafter, FIN48) has changed significantly how corporations must disclose uncertain tax positions. One uncertain tax position experienced by most TNCs is related to the cross-border shifting of income due to its transfer pricing transactions, its characterization of specific transactions as not affecting reportable income or as tax exempt, and its management decision that specific income is not taxable by a foreign tax authority (August 2008). The main areas of interest in this study are a TNC's disclosures of its uncertain tax positions both generally and specific to transfer pricing. These disclosures are assessed pre- and post-FIN 48 implementation in both a traditional statistical analysis and in a content analysis of the related footnotes to the annual reports for 2006 through 2009. DATA ANALYSIS IN PROCESS.
Accounting For Income Taxes
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Author : Amy Dunbar
language : en
Publisher:
Release Date : 2008
Accounting For Income Taxes written by Amy Dunbar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Accounting categories.
... provides a comprehensive analysis of FASB interpretation no. 48, Accounting for uncertainty in income tax position--an interpretation of FASB statement no. 109, which addresses the accounting for uncertainty in income taxes recognized in a company's financial statements in accordance with FASB statement no. 109, Accounting for income taxes.
Fin 48 Answer Book 2009 Edition
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Author : Mark L. Friedlich
language : en
Publisher: CCH
Release Date : 2008-08
Fin 48 Answer Book 2009 Edition written by Mark L. Friedlich and has been published by CCH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08 with Business & Economics categories.
FIN 48 Answer Book is designed to for practitioners who need quick and authoritative answers to questions concerning the implementation of FIN 48. This book uses simple straightforward language to provide guidance on consistent accounting practices and criteria for enterprises reporting tax benefits from uncertain tax positions. The question-and-answer format, with its breadth of coverage, effectively conveys the complex subject matter of implementing and applying FIN 48.
Financial Statement Analysis
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Author : Martin S. Fridson
language : en
Publisher: John Wiley & Sons
Release Date : 2002-10-01
Financial Statement Analysis written by Martin S. Fridson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-10-01 with Business & Economics categories.
Praise for Financial Statement Analysis A Practitioner's Guide Third Edition "This is an illuminating and insightful tour of financial statements, how they can be used to inform, how they can be used to mislead, and how they can be used to analyze the financial health of a company." -Professor Jay O. Light Harvard Business School "Financial Statement Analysis should be required reading for anyone who puts a dime to work in the securities markets or recommends that others do the same." -Jack L. Rivkin Executive Vice President (retired) Citigroup Investments "Fridson and Alvarez provide a valuable practical guide for understanding, interpreting, and critically assessing financial reports put out by firms. Their discussion of profits-'quality of earnings'-is particularly insightful given the recent spate of reporting problems encountered by firms. I highly recommend their book to anyone interested in getting behind the numbers as a means of predicting future profits and stock prices." -Paul Brown Chair-Department of Accounting Leonard N. Stern School of Business, NYU "Let this book assist in financial awareness and transparency and higher standards of reporting, and accountability to all stakeholders." -Patricia A. Small Treasurer Emeritus, University of California Partner, KCM Investment Advisors "This book is a polished gem covering the analysis of financial statements. It is thorough, skeptical and extremely practical in its review." -Daniel J. Fuss Vice Chairman Loomis, Sayles & Company, LP
One Size Does Not Fit All
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Author : Leslie A. Robinson
language : en
Publisher:
Release Date : 2017
One Size Does Not Fit All written by Leslie A. Robinson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Our study examines how the uniform rules of FIN 48, which governs accounting for income tax uncertainty, affect the relevance of income tax accounting. By requiring all firms to follow the same recognition and measurement process, the FASB intended FIN 48 to improve the relevance of income tax accounting. However, practitioners argue that reserves reported under FIN 48 lack relevance because they represent liabilities that will never be paid to tax authorities. Consistent with these concerns, we estimate that, over a three-year period, only 24 cents of every dollar of reserves unwinds via settlements. Moreover, contrary to the FASB's intention, we find no evidence that FIN 48 increased the ability of tax expense to predict future tax cash flows. Rather, we find that the predictive ability of tax expense for future tax cash flows decreases among firms for which FIN 48 is most restrictive. Finally, we find no evidence that investors identify firms for which reserves overstate future tax cash outflows and incorporate this into their valuations. Our results provide evidence that the uniform accounting rules of FIN 48 negatively affect the relevance of income tax accounting.
The Impact Of Fin48 On Earnings Management
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Author : Cathalene Rogers Bowler
language : en
Publisher:
Release Date : 2013
The Impact Of Fin48 On Earnings Management written by Cathalene Rogers Bowler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Accounting categories.
The purpose of this study is to examine the impact of FASB Interpretation No. 48 (FIN48), on earnings management. FIN48 is an interpretation of FASB Statement No. 109 (FAS109), instituted by FASB in 2006 to provide stringent disclosure requirements on tax estimates subject to measurement judgment. Because of FIN48 disclosure requirements, managers' ability to manage earnings through deferred tax assets valuation allowance (DTVA) was somehow compromised. Pre-FIN 48 studies on the association between DTVA and earnings management (EM) find mixed evidence. To determine the effectiveness of FIN48 in curtailing DTVA as a tool to manage earnings, this study examines the association between the level of changes in DTVA and five EM motive hypotheses: namely, debt/equity, bonus compensation, political costs, big bath, and income smoothing hypotheses, in the pre- and post-FIN48 periods. Using pooled data of 164 firms from Compustat, for the period 2003-2010, the data is separated into two test periods: pre-FIN48 (2003--2006) and post-FIN48 (2007-2010). The analysis of all five motives in the pre- and post-FIN48 periods reveals that big bath was most prevalent during the pre-FIN48 period. This indicates that managers recorded higher levels of changes in DTVA to manage earnings downward, which supports big bath hypothesis. However, the post-FIN48 period indicates a prevalence of upward earnings smoothing, suggesting that managers recorded lower levels of changes in DTVA to manage earnings upward. Year-by-year cross-sectional regressions also show evidence of political costs, big bath, and downward earnings smoothing motives during the pre-FIN48 period (2003--2006). Although there is no evidence of bonus compensation during this period, there is evidence of bonus maximization, which is an income decreasing motive. So it appears that the pre-FIN48 period was a time of downward EM. For the first two years (2007--2008) of the post-FIN48 period, there is no evidence of any of the five EM motives, which suggests that FIN48 was effective in curtailing the use of DTVA to manage earnings. However, in the latter two years (2009--2010), which was a perilous time of the recession, results show evidence of bonus compensation, earnings smoothing (upward), and big bath motives. This suggests that FIN48 was less effective in a recessionary period. When managers face a recession, with anticipation of a drastic loss, the motivation to survive becomes a more influential factor in mangers' accounting choices. This study contributes to the literature in two major ways. First, it appears to be the first study to conduct a pre- and post-FIN48 analysis of an association between DTVA and EM motives to demonstrate the efficacy of FIN48 to curtail EM. Second, this study updates and resolves the pre-FIN48 mixed evidence of an association between DTVA and EM.-- Abstract.