New FIN 48 Mandate for Pass-Throughs, Non-Profits and Private Entities
Are You Ready for FASB's Reserve and Disclosure Demands?
First-time filings are imminent
Recording of a 110-minute CPE webinar with Q&A
This course will provide a thorough briefing on the dictates of ASU 2009-06 within the broader context of FIN 48. The panel will offer best practices for advisors to prepare private company, pass-through and non-profit clients for FIN 48 compliance.
- Broad dictates of FIN 48
- Assigning a dollar value to uncertain income tax positions
- “More likely than not” standard
- Terms of Accounting Standards Update No. 2009-06
- Applies to private entities that deferred FIN 48 compliance under FSP FIN 48-3, and to pass-throughs and non-profits
- Applies to all entities within the scope of ASC 740
- Definition of a tax position
- Attribution of income taxes
- Applicability to consolidated entities
- Effective date is for annual periods ending after Dec. 15, 2009
- Practical suggestions for preparing for first FIN 48-compliant financials
- Necessary internal systems and processes
- Financial considerations
The panel will prepare you to work with private company, pass-through and non-profit clients when it comes to:
- Key aspects of FIN 48: Mandates for how to evaluate uncertain tax positions, and lessons learned so far about time commitment and processes required, etc.
- Special demands on pass-throughs: Defining a tax position, attributing income taxes, applying FIN 48 to consolidated entities, and making disclosures.
- Special demands on non-profits: Defining a tax position and making disclosures.
- Important preparations: What private entities need to do now to get ready for filing a first annual financial statement under FIN 48.
National Partner-In-Charge, Tax Accounting and Risk Advisory Services
He has more than 30 years of accounting experience and also serves as the firm's Southeast region managing tax partner.... | Read More
He has more than 30 years of accounting experience and also serves as the firm's Southeast region managing tax partner. Earlier in his Grant Thornton career, he served as the firm's global managing director of private client services and Dallas managing partner. He also worked for Arthur Andersen in Texas and co-founded a wealth management consulting firm.Close
Principal, Corporate Tax
He is the firm's national FIN 48 coordinator and also leads its Tax Outsourcing Practice. He has prior experience as... | Read More
He is the firm's national FIN 48 coordinator and also leads its Tax Outsourcing Practice. He has prior experience as Tax Director at Land O' Lakes Inc. and Secure Computing Corporation. He has extensive experience in federal and state taxation, and is the former president of the Minnesota Chapter of Tax Executives Institute.Close