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OD: FIN 48: What You Need to Know

Recorded September 27, 2007

Overview

FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48) was issued in June 2006 and is effective for fiscal 2008 for the vast majority of independent institutions.

The goals of FIN 48 are:

1. to increase relevance and comparability in financial statement reporting of federal, state and local income taxes, and
2. to provide additional disclosures in financial statements about the uncertainty surrounding income tax assets and liabilities.

On November 29, 2006, the AICPA issued a Practice Guide for FIN 48.  What are the implications of this Practice Guide for your institution?  Although most tax exempt organizations do not include income tax provisions as part of their financial statements, this interpretation may apply in cases you’re not aware of. 

Join us for a one-hour webcast where we will discuss the definition of a “tax position”, what this means to your organization, and what your organization can do to prepare for this new standard.

What You Will Learn:

• What a tax position means
• Technical questions that must be answered when evaluating tax positions
• Documentation requirements and related auditor expectations
• Disclosure considerations for your 2008 financial statements

Who Should Participate:

• Controllers
• Associate and assistant controllers
• Financial reporting managers
• Tax Managers
• AVPs of finance and administration

Meet the Presenters:

• Tracy Paglia, CPA
  Senior Manager – Tax
  Moss Adams LLP
• Lynn Kingston, CPA
  Partner – Business Assurance
  Moss Adams LLP

Fees