Hated financial reporting standard will remain

On March 20, the Financial Accounting Standards Board (FASB) announced that it would not revisit one of its more controversial rules. FIN 48 (also known as Topic 740) is here to stay. In the FASB’s Gift to the IRS, we summarize the rule and its ramifications. The rule has been effective for fiscal years ending after December 15, 2008, so we now have four years of experience with this pronouncement.

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