FIN 48, auditor confidentiality, and increasing the minimum wage

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!)