The board's project Accounting for Uncertain Tax Positions attempts to clarify when tax benefits may properly be recognized.
Last Wednesday, the Financial Accounting Standards Board continued its deliberations on accounting for uncertain tax positions. This FASB project has received relatively little media coverage so far — but you're likely to read much more next year, come corporate earnings season.
Not only does it attempt to make companies more conservative in their recognition and reporting of tax benefits, it's also a rare instance in which the Internal Revenue Service and FASB have teamed up.
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