AICPA deletes nonauthoritative guidance on uncertain tax position disclosures

The action comes after word from PCC and FASB members.

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

Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.