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FIN 48

FASB issued FIN 48 to bring conformity to the accounting practices related to uncertainty in income tax positions recognized on financial statements. FIN 48 provisions were first effective for SEC registrants for fiscal years beginning after December 15, 2006. To make financial reporting more comparable, FIN 48 rules address the identification, recognition, and measurement of such positions, and expand the disclosures necessary for inclusion in the company’s financial statements. GBQ can assist and advise clients with regard to FIN 48 matters by establishing processes for implementation of the standards; identifying uncertain positions in federal, state and local jurisdictions; preparing or evaluating recognition and measurement criteria; and drafting or reviewing footnote disclosures.