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Fin 48
FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP. A business may recognize an income tax benefit only if it is more likely than not that the benefit will be sustained. The amount of benefit recognized is based on relative probable outcomes.
==Background and concept==
Income for financial statements may differ from taxable income for many valid reasons. U.S. Generally Accepted Accounting Principles have long required that income tax be accrued for all events recognized for financial reporting purposes.〔APB 11, released in 1967, was later superseded by (SFAS 109 ) which is now codified as (AC 740 ).〕 The tax must be accrued if the liability is probable of assertion and can be determined with reasonable accuracy.〔(SFAS 5 ), 1975, now incorporating fair value concepts at (AC 450-20 ).〕 The tax must be recognized on all worldwide income of the business that may eventually be taxed. Credits expected to be claimed may reduce this tax. Certain limited exceptions apply. Thus, the total income tax of a U.S. company is generally the U.S. Federal income tax rate times book income, plus state and foreign taxes, less credits to be claimed presently or in the future. This tax expense is recorded as a combination of taxes currently payable and deferred tax assets and liabilities.
In 2006, the Financial Accounting Standards Board issued (FASB Interpretation No. 48 ) on the above rules. Under FIN 48, businesses must analyze all tax positions that are less than certain. Only those positions that are more likely than not to produce benefit can be recognized in accruing tax. This is known as the recognition step. The likely outcomes of recognized positions are then computed and assigned probabilities. The most favorable set of outcomes that achieves 50% probability is then recognized. This is known as the measurement step. The business must then record tax expense or benefit, liabilities, and assets, as so measured.
Tax positions requiring analysis include all aspects of tax returns, including whether tax returns are filed in a jurisdiction. Further, businesses must accrue and disclose the effect of interest and penalties as part of the FIN 48 analysis.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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