Fin 48 consolidating

Longview Tax is engineered to be a best-of-breed tax data system.This starts with collecting all the data that will ultimately drive the tax provision.This decision is taken, in view of the prolonged delay in the disposal of the case going on in the Hon'ble Kerala High Court.In accordance with this decision, CHQ sent nominations to the Management, to fill up the vacant seats in the National Council.The next step is the automatic calculation of the provision details.

This determination must assume that the issue will be examined by a competent authority who has complete knowledge of all information relevant to the position and that the authority’s conclusion will be based solely on the technical merits of the position.

In practice, these requirements created a very interesting dynamic among the parties involved in the analysis. With the implementation of FIN 48, CPA audit teams understandably are seeking assurance from their tax counterparts that clients’ financial statements have not understated tax liabilities due to subjective positions.

For years, tax professionals in public accounting firms have been accustomed to practicing in a manner consistent with the Sec. New audit procedures are in place, often requiring tax personnel to provide memos or other documentation to their audit counterparts.

Early adoption is permitted in the first interim period of the annual period in which the ASU is adopted.

On adoption, the unamortized deferred tax on intra-entity asset transfers would be charged to opening retained earnings, avoiding the income tax expense that would otherwise be recognized.

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