FASB Responds to FAF's PIR of FIN 48

In a press release issued earlier today, the FASB summarized its response to the findings of the FAF's Post-Implementation Review (PIR) of FIN 48 (Accounting for Uncertainty in Income Taxes).

FASB Chairman Leslie F. Seidman stated:

The FASB is pleased with the PIR team’s finding that FIN 48 is resulting in more consistent and useful information for investors and other users of financial statements.

As far as any potential actions arising as a result of the PIR of FIN 48, the press release noted:

The Board said that the criteria for a review or reconsideration of FIN 48 were not met, based on the criteria established in the FASB Rules of Procedure. However, the FASB said it will consider the PIR Report technical findings in a review of whether simplifications or modifications in U.S. GAAP are warranted for private companies and in its analysis of the remaining differences between U.S. GAAP and International Financial Reporting Standards, in particular, IAS 12, Income Taxes.

Details are in FASB's 7-page letter to the FAF

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