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Abstract: 

The Financial Accounting Standards Board (FASB) recently released an Exposure Draft (ED) proposing an interpretation (the “Interpretation”) of Statement of Financial Accounting Standards No. 109 (SFAS 109), to provide guidance on accounting for tax uncertainties. FASB cites diverse accounting practices resulting from inconsistencies in criteria used for recognition and measurement of benefits associated with uncertain tax positions as the driver behind the ED. The ED proposes guidelines for recognition, de-recognition, measurement, and disclosures, but nevertheless still requires a fair amount of judgment by businesses and their advisors in applying those guidelines.

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Affiliations:  1: KPMG LLP; 2: KPMG LLP.