In July 2006, the US Financial Accounting Standard Board released the FIN-48, Accounting for Uncertainty in Income Taxes. It provides a comprehensive model for accounting for income tax uncertainties and is one of the most significant in accounting. It results in greater disclosure by companies of their potential tax liabilities, reducing flexibility and increasing the compliance burdens. Any subsidiary of a US company will be affected. As the rules are new, it is difficult to determine their outer limit, if any. The disclosure of all potential tax liabilities raises warning bells to tax officials in both Australia and the US. While FIN-48 supposedly increases the certainty for US financial accounts, it decreases the uncertainty from a tax viewpoint.
The obvious question this raises is: How will this affect you? BDO Kendalls’ tax and auditing specialists decipher the standard and will provide practical examples of how this will affect Australian companies.
Cost: Attendance is free
Presenters: Nick Gangemi & Simon Coulton