Definition of FIN 48

Issued by the Financial Accounting Standards Board (FASB), Financial Interpretation Number 48 (FIN 48) is also known as the Accounting for Uncertainty in Income Taxes.

Created in the aftermath of the Enron debacle, the requirement mandates that all companies, including mutual funds, project their potential tax liabilities. For funds this applies to their portfolio holdings. The goal of the requirement is to make the way tax positions are recorded in financial statements more uniform. [1]

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