Since the last one went so well, and since there have been many posts this week on my fellow accountant blogs that I’d like to highlight, here’s another quick round-up of three interesting nuggets:
Dan Meyer of Tick Marks talks about a new standard in the US called FIN 48, which requires companies making assumptions regarding tax-related policies to document and disclose those assumptions and provide a range of possible outcomes.
He asks the natural next question: “With IRS personnel theoretically able to look up these disclosures, will companies be less willing to take aggressive positions?” It’s a good question, and I think we know the answer! I wonder if the same type of standard will show up in Canadian GAAP before we converge with international standards. (Wonder how that convergence thing is going – haven’t heard much lately!)