Uncertain Tax Positions: Reconciling the Existing Guidance

2009 ◽  
Vol 7 (1) ◽  
pp. 121-132
Author(s):  
Steve L. Gill ◽  
Damon M. Fleming ◽  
G. E. Whittenburg
Keyword(s):  
Financial Reporting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Disclosure Requirements ◽  
Accounting Principles ◽  
Specific Item

ABSTRACT: Multiple revisions in recent years to IRC §6694, IRC §6662, U.S. Generally Accepted Accounting Principles (GAAP), and International Financial Reporting Standards (IFRS) have created conflicting recognition and disclosure requirements for uncertain tax positions. This paper reviews the existing recognition thresholds under these various standards—“reasonable basis,” “substantial authority,” and “more-likely-than-not”—and discusses scenarios in which the standards may cause reporting conflicts between tax and financial reporting. This paper also reviews the extant disclosure guidance for uncertain tax positions included in tax and financial reporting, with a particular emphasis on the newly issued proposed IRS regulations regarding general and specific-item disclosures for tax return preparers.

scholarly journals Continued Impact of International Financial Reporting Standards on U.S. Generally Accepted Accounting Principles

2020 ◽  
pp. 1-12
Author(s):  
Sylwia Gornik-Tomaszewski ◽  
Victoria Shoaf
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Fair Value ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
Value Measurement ◽  
The Impact

The milestone outcomes of over a decade of close cooperation between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on the convergence of U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) have been highly publicized in the professional media. Great attention has been paid to such joint FASB and IASB projects as accounting for business combinations, fair value measurement, and revenue recognition. The impact of U.S. GAAP on IFRS has also been discussed and highlighted in many professional and academic resources. It should come as no surprise since FASB is considered a world leader in creating high-quality standards through an exemplary standard-setting process. In this paper, we look at the least noticed outcome of the convergence process: the impact of IFRS on U.S. GAAP. We reviewed all of the Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification®, from the first issued in June 2009 to 2016, and listed instances where U.S. GAAP was significantly modified to reflect international solutions. These examples of U.S. GAAP modifications indicate that the impact of IFRS on U.S. GAAP continued well after the bilateral cooperation between FASB and IASB effectively ended in 2014. Furthermore, look at the most recent FASB pronouncement let us conclude that the FASB continues to be engaged in seeking comparable global accounting solutions.

scholarly journals De toekomst van IFRS in Europa: gaat de bom vallen?

2015 ◽  
Vol 89 (4) ◽  
pp. 120-121
Author(s):  
Ralph ter Hoeven
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
Jaar Geleden

Het is inmiddels 20 jaar geleden dat de Europese Unie een beslissende keuze maakte in het ontwikkelen van een eigen GAAP (Generally Accepted Accounting Principles; dus stelsel van accountingregels). De keuze luidde: no, non, nein, não, nej, nee: er zou geen eigen EUGAAP worden ontwikkeld. Wel werd er voorzichtig gewezen op de toenmalige International Accounting Standards (IAS); inmiddels omgedoopt tot International Financial Reporting Standards (IFRS). Kortom Lidstaten werden vrijgelaten in de keuze van een GAAP voor beursgenoteerde ondernemingen en een beetje aangemoedigd om daarbij aan IAS te denken. Vijf jaar later, rond de millenniumwisseling dus, volgde er een update van de Europese accountingstrategie waarin niet geheel verrassend werd geconstateerd dat jaarrekeningen op de EU-kapitaalmarkt niet vergelijkbaar waren.

scholarly journals Wereldstandaard financiële verslaggeving: IFRS of US GAAP?

2002 ◽  
Vol 76 (12) ◽  
pp. 565-573
Author(s):  
Ruud Vergoossen ◽  
Frans Van Der Wel
Keyword(s):  
United States ◽  
Financial Reporting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
Verenigde Staten ◽  
Us Gaap

De roep om een wereldstandaard voor de financiële verslaggeving is groot. De Europese Unie heeft gekozen voor de International Financial Reporting Standards (IFRS) die in 2005 worden ingevoerd, terwijl de Verenigde Staten blijven vasthouden aan de United States Generally Accepted Accounting Principles (US GAAP). Dit artikel gaat in op de implementatie van de IFRS in de Europese Unie en de obstakels die een consistente interpretatie en toepassing van de IFRS in de weg kunnen staan. Daarna worden de IFRS vergeleken met de US GAAP en komt de positie van de IFRS in de Verenigde Staten aan de orde. In een korte slotbeschouwing wordt een drietal scenario’s geschetst om te komen tot een wereldstandaard. Het scenario waarbij de IFRS en de US GAAP naar elkaar toegroeien, lijkt, gegeven de omstandigheden, het meest realistisch en wenselijk (convergentiestrategie).

Making the Right Comparisons: Novartis AG

2007 ◽  
Vol 22 (4) ◽  
pp. 721-733 ◽  
Author(s):  
Elaine Henry ◽  
Ya-Wen Yang
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
The Right ◽  
Analytical Skill

This case introduces the concept of convergence between International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). The scenario involves a securities analyst's evaluation of Novartis AG's financial performance under IFRS and U.S. GAAP, and provides an opportunity to examine the issues giving rise to differences under the two sets of standards. Based on the company's 20-F disclosure, the case uses the reconciliation footnotes to recast the company's IFRS financial statements to U.S. GAAP. The analytical skill of adjusting financial statements is useful beyond the IFRS-to-U.S. GAAP context.

scholarly journals Case Study: Differences Between US And International Financial Statements

2011 ◽  
Vol 7 (5) ◽  
pp. 101-102
Author(s):  
Dolores Rinke
Keyword(s):  
Financial Reporting ◽  
Financial Statements ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards ◽  
Accounting Principles ◽  
Us Gaap

This case examines the differences in format and terminology in financial statements between US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Students download the financial statements of two different companies in the same industry; i.e., Nokia (reporting under IFRS) and Motorola (reporting under US GAAP). Questions related to the differences in format and terminology are addressed.

scholarly journals Should The SEC Adopt International Financial Reporting Standards?

2011 ◽  
Vol 16 (1) ◽  
pp. 15-20
Author(s):  
Clemense Ehoff Jr. ◽  
Dov Fischer
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Accounting ◽  
International Financial Reporting Standards ◽  
Reporting Standards ◽  
Financial Accounting Standards Board ◽  
Best Interest ◽  
Public Companies ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards

In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). By the end of 2011, the SEC will likely decide on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper examines the benefits and drawbacks of each option and formulates a recommendation as to which option is in the best interest of U.S. investors.

scholarly journals Why The SEC Is Delaying Adoption Of International Financial Reporting Standards

2013 ◽  
Vol 12 (2) ◽  
pp. 223 ◽  
Author(s):  
Clemense Ehoff Jr. ◽  
Dov Fischer
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Accounting ◽  
International Financial Reporting Standards ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Accounting Standards Board ◽  
Public Companies ◽  
Generally Accepted Accounting Principles ◽  
Financial Reporting Standards

In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The SEC has repeatedly delayed its decision on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper will examine several key reports issued by the SEC and the Financial Accounting Foundation to gain further insight into 1) why the SEC has repeatedly delayed its decision, and 2) what the SEC will ultimately decide.

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