Financial Accounting Foundation conducting review of accounting for income taxes

Tax Accounting Insights 
Feb 14, 2013

This month the Financial Accounting Foundation (FAF) announced that Financial Accounting Standards Board (FASB) Statement No. 109, Accounting for Income Taxes (FAS 109) (codified in Accounting Standards Codification (ASC) Topic 740, Income Taxes) will be the next standard for which it will conduct a post-implementation review (PIR). A review of the standard has been recommended by many organizations and stakeholders. Although the FAF does not set standards and it does not seek to influence the outcome of the standard-setting process, the observations and findings of the PIR could impact the future direction of accounting for income taxes.