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Audit Analytics Trend Reports12 page (2611 word) report
published Jan 01, 2008
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$195.00 available for immediate download
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Audit Analytics Trend Reports
In July 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB statement No. 109 (FIN 48). Under FIN 48, a company may recognize an uncertain tax position only if it is more-likely-than-not. Our analysis reveals that during the first ten months of 2007 almost 25% of the registrants disclosed a material impact due to FIN 48 adoptions. More than 67% of FIN 48 restatements had a negative impact on beginning retained earnings. About 22% had a positive impact. Of the major accounting firms, Deloitte clients comprised the largest number of adoptees, making up 24.7% of all FIN 48 filers and 43% of their own client base.
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| Source: | Audit Analytics
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| Author: | Audit Analytics Trend Reports
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| Document ID: | 4
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| Free Sample: |
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| Format: | | PDF |  |
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Audit Analytics delivers timely, in-depth audit and compliance research on over 20,000 public companies and 1,500 accounting firms.
