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


Conducted on Tuesday, January 19, 2010

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar 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.

Description

Private entities, pass-through entities and non-profits that have not yet complied with FASB Interpretation 48 (FIN 48) under FSP FIN 48-3 can no longer delay. Accounting Standards Update No. 2009-06, issued Sept. 2, 2009, demands compliance for FYs ending after Dec. 15, 2009.

The number of entities setting dollar figures for uncertain federal and state income tax positions under FIN 48 for the first time is about to jump significantly. Pass-throughs and non-profits must master additional specific guidance, such as the definition of a tax position by those entities.

Pass-throughs also get detailed guidance on how to attribute income taxes to themselves or their owners and on how FIN 48 applies to consolidated entities. Accounting firm advisors must immerse themselves in FIN 48 and ASU 2009-06 in order to help a variety of clients through FIN 48 compliance.

Listen as our panel of experienced advisors analyzes the new guidance for private entities about to face FIN 48 responsibilities for the first time.

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Outline

  1. Broad dictates of FIN 48
    1. Assigning a dollar value to uncertain income tax positions
    2. “More likely than not” standard
  2. Terms of Accounting Standards Update No. 2009-06
    1. Applies to private entities that deferred FIN 48 compliance under FSP FIN 48-3, and to pass-throughs and non-profits
    2. Applies to all entities within the scope of ASC 740
    3. Definition of a tax position
    4. Attribution of income taxes
    5. Applicability to consolidated entities
    6. Disclosures
    7. Effective date is for annual periods ending after Dec. 15, 2009
  3. Practical suggestions for preparing for first FIN 48-compliant financials
    1. Necessary internal systems and processes
    2. Financial considerations

Benefits

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.

Faculty

Randy Robason
Randy Robason
National Partner-In-Charge, Tax Accounting and Risk Advisory Services
Grant Thornton

He has more than 30 years of accounting experience and also serves as the firm's Southeast region managing tax partner....  |  Read More

Rick Olson
Rick Olson
Principal, Corporate Tax
LarsonAllen

He is the firm's national FIN 48 coordinator and also leads its Tax Outsourcing Practice. He has prior experience as...  |  Read More

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