Accounting for Taxes

Developments

FASB issues FASB Staff Position

FSP FIN 48-1 May 2007
Amends FIN 48
Provides guidance on whether tax position is settled for purpose of recognizing previously unrecognized tax benefits

FASB issues FIN 48 June 2006

FASB issued draft of Uncertain Tax Positions

Tax accounting is most common internal control weakness

Contributing factor in 1/3 of adverse
internal control opinions
CFO article 11.01.05
SEC Chairman speech 2.09.06
See Internal Controls

Developments

CFO article 5.18.07
KPMG frontiers in tax October 2007

FASB Statements - Intepretations

FASB 109 1992

Accounting for Income Taxes
Supercedes FASB 96, 100, 103 and 108
FASB summary
FASB status
FASB Staff Positions

FSP 109-1 2004
Tax Deduction on Qualified Production Activities Provided by the American Jobs Creation Act of 2004
FSP 109-2 2004
Foreign Earnings Repatriation Provision within the American Jobs Creation Act of 2004

FIN 48 2006

Accounting for Uncertainty in Income Taxes
Interprets FASB 109
FASB summary

FASB Staff Positions

FSP FIN 48-1 2007
Definition of Settlement

FIN 18 1977

Accounting for Income Taxes in Interim Periods
Interprets APB 28
FASB status

FASB 37 1980

Balance Sheet Classification of Deferred Income Taxes
Amended and reinstated by FASB 109
Had been superceded by FASB 96
FASB summary
FASB status

FASB EITFs

Effective EITFS

86-9
IRC Section 338 and Push-Down Accounting

See Push-down Accounting

86-33
Tax Indemnifications in Lease Agreements

See Lease Accounting

86-43
Effect of a Change in Tax Law or Rates on Leveraged Leases

See Lease Accounting

86-44
Effect of a Change in Tax Law on Investments
in Safe Harbor Leases

See Lease Accounting

86-46
Uniform Capitalization Rules for Inventory under the Tax Reform Act of 1986

See Inventory Accounting

87-8
Tax Reform Act of 1986: Issues Related to the Alternative Minimum Tax
88-4
Classification of Payment Made to IRS to Retain Fiscal Year
91-8
Application of FASB Statement No. 96, Accounting for Income Taxes, to a State Tax Based on the Greater of a Franchise Tax or an Income Tax

92-8
Accounting for the Income Tax Effects under FASB Statement No. 109, Accounting for Income Taxes, of a Change in Functional Currency When an Economy Ceases to Be Considered Highly Inflationary

See Highly Inflationary
Inflation accounting

93-7
Uncertainties Related to Income Taxes in a Purchase Business Combination

See M&A Accounting

93-9
Application of FASB Statement No. 109, Accounting for Income Taxes, in Foreign Financial Statements Restated for General Price-Level Changes

See Foreign Accounting Inflation accounting

93-12
Recognition and Measurement of the Tax Benefit of Excess Tax-Deductible Goodwill Resulting from a Retroactive Change in Tax Law

See M&A Accounting

93-13
Effect of a Retroactive Change in Enacted Tax Rates That Is Included in Income from Continuing Operations
93-16
Application of FASB Statement No. 109, Accounting for Income Taxes, to Basis Differences within Foreign Subsidiaries That Meet the Indefinite Reversal Criterion of APB Opinion No. 23, Accounting for Income Taxes - Special Areas
93-17
Recognition of Deferred Tax Assets for a Parent Company's Excess Tax Basis in the Stock of a Subsidiary That Is Accounted for as a Discontinued Operation
94-10
Accounting by a Company for the Income Tax Effects of Transactions among or with Its Shareholders under FASB Statement No. 109, Accounting for Income Taxes
95-9
Accounting for the Tax Effects of Dividends in France in Accordance with FASB Statement No. 109, Accounting for Income Taxes
95-20
Measurement in the Consolidated Financial Statements of a Parent of the Tax Effects Related to the Operations of a Foreign Subsidiary That Receives Tax Credits Related to Dividend Payments
98-11
Accounting for Acquired Temporary Differences in Certain Purchase Transactions That Are Not Accounted for as Business Combinations
99-15
Accounting for Decreases in Deferred Tax Asset Valuation Allowances Established in a Purchase Business Combination As a Result of a Change in Tax Regulations

00-16
Recognition and Measurement of Employer Payroll Taxes on Employee Stock-Based Compensation

See Equity Compensation Accounting

Superseded EITFS

84-1
Tax Reform Act of 1984:
Deferred Income Taxes of Stock Life Insurance Companies

Resolved by FAS 109

84-2
Tax Reform Act of 1984:
Deferred Income Taxes Relating to Domestic International Sales Corporations

Resolved by FAS 109

84-27
Deferred Taxes on Subsidiary Stock Sales

Resolved by FAS 109

84-43
Income Tax Effects of Asset Revaluations
in Certain Foreign Countries

Nullified by FAS 109

85-5
Restoration of Deferred Taxes Previously Eliminated
by Net Operating Loss Recognition

Resolved by FAS 109

85-15
Recognizing Benefits of Purchased
Net Operating Loss Carryforwards

Nullified by FAS 109

86-1
Recognizing Net Operating Loss Carryforwards

Nullified by FAS 109

86-3
Retroactive Regulations regarding IRC Section 338
Purchase Price Allocations

Deemed no longer technically helpful

86-4
Income Statement Treatment of Income Tax Benefit for Employee Stock Ownership Plan Dividends
Status: Taxes

Nullified by FAS 109

86-11
Recognition of Possible 1986 Tax Law Changes

Resolved by FAS 109

86-37
Recognition of Tax Benefit of Discounting Loss Reserves
of Insurance Companies

Nullified by FAS 109

86-41
Carryforward of the Corporate Alternative Minimum Tax Credit

Nullified by FAS 109

86-42
Effect of a Change in Tax Rates on Assets and Liabilities Recorded Net-of-Tax in a Purchase Business Combination

Nullified by FAS 109

87-28
Provision for Deferred Taxes on Increases in Cash Surrender Value of Key-Person Life Insurance

Resolved by FAS 109

91-3
Accounting for Income Tax Benefits from Bad Debts of a Savings and Loan Association

Resolved by FAS 109

SEC Rules - FAQs

S-X 4-08(h) - Income tax expense

SEC accounting FAQs (SAB 103)

Topic 6.I.1 - Tax rate
Topic 6.I.2 - Taxes of investee company
Topic 6.I.3 - Net of tax presentation
Topic 6.I.4 - Loss years
Topic 6.I.5 - Foreign registrants
Topic 6.I.6 - Securities gains and losses
Topic 6.I.7 - Components v. "overall" presentation
Topic 11.C - Foreign tax holidays
Topic 11.G - Bank holding companies

SEC accounting FAQs 3.31.01

Topic II.B - Realization of a Deferred Tax Asset

SEC accounting FAQs 5.01.01

For Foreign Private Issuers

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