Mar 29

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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.

About the author

David Nolte

I am a founding principal of Fulcrum Inquiry, an accounting and economic consulting firm that performs damage analysis for commercial litigation, forensic accountings, financial investigations, and business valuations. I am a Certified Public Accountant (CPA) and an Accredited Senior Appraiser (ASA), as well as having other professional credentials. I regularly serve as an expert witness involving damages measurement. My litigation-oriented resume is on Fulcrum's website.

Permanent link to this article: http://betweenthenumbers.net/2012/03/hated-financial-reporting-standard-will-remain/

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