PwC alternatives alert

FASB releases final interpretation on uncertain tax positions

In July of 2005, the Financial Accounting Standards Board issued an Exposure Draft of an Interpretation of FASB Statement No. 109, Accounting for Income Taxes (“FAS 109”), which addressed initial recognition and measurement, subsequent accounting, classification and disclosure, and interim reporting considerations related to uncertain tax positions.

In July of 2006, the FASB released its final Interpretation, FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("Fin 48"), consistent with the Board's prior deliberations and tentative conclusions. FIN 48 may have a significant impact on the Alternative Investments industry, given the lack of clarity and certainty relating to many tax issues, and will likely change the thinking surrounding internal controls relating to the tax function.

To read FASB Interpretation No. 48, click here.

Specific advice and assistance may be sought from your PwC engagement team or from any of the partners in our Alternative investment management practice.