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What Can We Learn About Uncertain Tax Benefits from FIN 48?Jennifer L. BlouinUniversity of Pennsylvania - Accounting Department Cristi A. GleasonUniversity of Iowa - Department of Accounting Lillian F. MillsUniversity of Texas at Austin - McCombs School of Business Stephanie A. SikesUniversity of Pennsylvania - Accounting Department July 3, 2007 McCombs Research Paper Series No. ACC-02-07 Abstract: FIN 48, Accounting for Uncertainty in Income Taxes, standardizes accounting for uncertain tax benefits and requires companies to disclose their tax reserve amounts. We summarize hand-collected disclosures related to tax reserves from 2005 through the first quarter of 2007. For the largest 100 non-financial, non-regulated firms, the reserve at adoption on January 1, 2007 is $78 billion excluding interest, or about two percent of assets. Of this $78 billion, an estimated $58 billion would affect earnings if ever released.
Number of Pages in PDF File: 31 Keywords: FIN48, tax cushion, disclosure, FIN 48, uncertain tax benefits JEL Classification: M41, M43, H25, H26 working papers seriesDate posted: June 3, 2007Suggested CitationContact Information
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