Jul 2010
The adoption of accounting for uncertain tax positions under US GAAP ASC 740-10 (FIN 48) gave rise to a unique set of issues and special considerations for many private investment funds and other similar collective investment vehicles (Funds) when preparing their 2009 financial accounts. In addition to FIN 48 requiring a complete and detailed analysis of the Fund's tax technical positions, Funds were also required to meet significant internal documentation requirements to support their FIN 48 assessments and related disclosures as well as satisfy external auditor requirements. As most Funds preparing financial accounts under US GAAP have now completed their FIN 48 adoptions, this article summarises our direct observations as the result of assisting Funds work through the challenges of FIN 48 adoption and provides insight into best practices looking forward.
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Read more by downloading our Adoption of FIN 48 - observations and future considerations for investment funds (pdf file, 72KB) for your reference.
