AICPA deletes nonauthoritative guidance on uncertain tax position disclosures


As part of an effort to clarify guidance regarding uncertain tax positions for nonpublic entities, the AICPA deleted a nonauthoritative Technical Question and Answer (Q&A) that was issued in May 2010.

The deleted guidance had been included as Q&A Section 5250.15, Application of Certain FASB Interpretation No. 48 (Codified in FASB ASC 740-10) Disclosure Requirements to Nonpublic Entities That Do Not Have Uncertain Tax Positions, of AICPA Technical Questions and Answers.

The nonauthoritative guidance had said that nonpublic entities are required to make certain disclosures regardless of whether the entities have uncertain tax positions. During a Private Company Council (PCC) meeting in February, PCC and FASB members said disclosures are necessary only if an entity has uncertain tax positions.

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out