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Journal entry — FASB will not reconsider FIN 48

Published on: Mar 22, 2012

Earlier this week, the FASB responded to the Financial Accounting Foundation’s (FAF’s) post-implementation review report (the “review report”) on FASB Interpretation No 48, Accounting for Uncertainty in Income Taxes. The review report had concluded that “[o]n balance, the benefits of FIN 48’s improved consistency and reporting of income tax uncertainty information outweigh its costs.” In line with this conclusion, the FASB stated that the Board does not “plan to undertake a separate project to review FIN 48 at this time.” The FASB stated that it is implementing several of the review report’s recommendations to enhance the standard-setting process. In addition, the FASB indicated that it will consider the technical issues raised in the review report as part of such future projects as those related to convergence with IFRSs or simplification of accounting standards for private entities.

For more information about the review report’s findings, see Deloitte’s January 20, 2012, Heads Up.

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