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Synopsis
CCH Accounting for Income Taxes provides guidance on the application of FASB Statement No. 109, Accounting for Income Taxes, as amended. It also provides interpretations of the various amendments to Statement 109 since 1992, including the guidance contained in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes an Interpretation of FASB Statement No. 109, which was issued by the FASB in July of 2006. Statement 109 established financial accounting and reporting standards for the effects of income taxes that result from an enterprise's activities during the current and preceding years. It requires an asset and liability approach for financial accounting and reporting for income taxes. This in-depth resource gives professionals indispensable guidance on the complex requirements of Statement 109 and clarifies the implementation issues resulting from the accounting industry s literal approach to applying the statement s criteria. It provides a practical reference tool by selectively combining information from the official text of the FASB, along with information drawn from the AICPA, consensuses of the EITF, SEC Staff Accounting Bulletins, and lessons learned from leading practitioners in the field.
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About the Author
Richard R. Petersen is a co-founder and Managing Director of Financial Reporting Advisors LLC (FRA). Based in Chicago, Illinois, FRA provides consulting services related to accounting and SEC reporting, and litigation support services. Previously, Richard was a partner with Arthur Andersen LLP in its Professional Standards Group (PSG). In this role, he consulted with clients and engagement teams on complex financial reporting matters and authored interpretive guidance on topics, such as consolidations, income taxes, leases, and revenue recognition, for Andersen's worldwide practice. He also represented the firm before various standards setters, including the FASB, the SEC, and the AICPA. Richard has served as the chair or member of various Emerging Issues Task Force working groups on a wide array of topics, such as consolidation, leases, income taxes, and revenue recognition. He also was a member of the AICPA Taskforce on Reorganization that developed AICPA Practice Bulletin No. 11, Accounting for Preconfirmation Contingencies in Fresh-Start Reporting. Richard is currently a member of the AICPA s Accounting Standards Executive Committee (AcSEC). From 1988 to 1990, Richard was a Practice Fellow at the FASB. He was the project manager for the reconsideration of FASB Statement No. 96, Accounting for Income Taxes, and FASB Statement No. 101, Regulated Enterprises Accounting for the Discontinuation of Application of FASB Statement No. 71. He also worked on issues related to business combinations and leveraged buyouts. Richard received his Bachelor of Science in Business Administration from the University of Nebraska at Lincoln. He is a licensed Certified Public Accountant in Nebraska and Illinois and is a member of the AICPA and the Illinois CPA Society.
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