The Protectors for Big Business –
THIS ACRONYM STANDS for the International Financial Reporting Standards being the standards and interpretations adopted by the International Accounting Standards Board (IASB).
During February 2006 the FASB and the IASB concluded a memorandum of understanding stating their intention to seek a convergence of their standards and interpretations by 2008. Remember FIN 48 is a FASB standard.
The effect of this is that those companies which must comply with IFRS will find that the standards expressed in FIN 48 will most probably emerge in the convergence. One of the convergence projects between the FASB and IASB is income tax.
If those companies affected by IFRS do not know what their tax risks are, need more be said about the potential problems which they will face. Read the special report again!