Not-for-Profit Industry Newsletter: FIN 48: A Practical Approach to Adoption and Compliance
5/11/2010
Since 2006, all public companies and some non-public companies have accounted for uncertain tax positions under FIN 48, Accounting for Uncertainty in Income Taxes, the Financial Accounting Standards Board (FASB) standard. Now, not-for-profit organizations—as well as calendar-year-end, non-public companies, including S-corporations and partnerships—are required to adopt FIN 48, effective January 1, 2009, in their annual financial statements for the year ending December 31, 2009.
In “FIN 48: A Practical Approach to Adoption and Compliance,” J.H. Cohn partner Thomas Lanning, CPA, gives a brief overview of FIN 48 and its goals; recommended steps to successful adoption; and high-risk areas for concern.
Click here to read the article in its entirety.