What Does Fin 48 Stand For
In June, 2006 the Financial Accounting Standards Board Issued Interpretation 48 of Financial Accounting Standard 109. This Interpretation, Known as “Fin 48”...
In June, 2006 the Financial Accounting Standards Board issued Interpretation 48 of Financial Accounting Standard 109. This interpretation, known as “FIN 48”, is intended to eliminate inconsistency in accounting for uncertain tax positions in financial statements certified in accordance with U.S. GAAP.
What does Fin stand for in FIN 48?
FIN 48 stands for Financial Accounting Standards Board (“FASB”) No. 48, Accounting for Uncertainty in Income Taxes.
Is FIN 48 interest deductible?
Since the lawsuit’s settlement will not be deducted until payment is made (three to five years in the future), interest would accrue only after the first reporting period the tax return is due in which the deduction is taken on the tax return.
Sarah Jenkins is a veteran tech journalist with over 12 years of experience covering artificial intelligence, mobile innovations, and digital ethics. Her insights have appeared in leading technology publications worldwide.
