IMA Rewarded 4 - $500 scholarships to:  Weerapat Attachot  (UT), Brett Corder             (USF Tampa), Kirsten Crame (USF Tampa), and Anila Sefa (USF St. Pete).

Private Companies, Not-For-Profit and other entities:  which requirements of FIN 48, “Accounting for Uncertainty in Income Taxes” STILL apply to your financial statements?

Here is a copy of Diane's PowerPoint Presentation:

FIN 48 IMAFICPA OCTOBER 21 2009.pptx  

On August 2, 2009 the FASB amended the reporting requirements established under FASB Interpretation No. 48 (FIN 48) which defined the accounting and reporting requirements for the uncertainty in tax positions.  FIN 48 was originally created to provide greater financial reporting transparency of an entity’s tax issues.  The FASB has recently amended FIN48 to provide further guidance on the implementation of the disclosure requirements and may have a significant impact on financial statements for all organizations.   

The discussion included:    

• A brief overview of the accounting and reporting requirements.

• Examples of common tax positions which may result in uncertainty in income tax accounting.

• A summarized discussion of recognition and measurement of uncertain tax positions.

• Guidance on the amended standard’s applicability to pass-through entities and tax-exempt not-for-profit entities.

• Guidance on modified disclosure requirement for nonpublic entities.

Big Thank you to Speaker Diane Reich!

Diane J. Reich is an assurance services and consulting partner at Reich CPA L.L.C.  She has more than twenty-five years of experience servicing both publicly-traded and privately-held entrepreneurial and middle-market companies.  Ms. Reich’s industry experience includes manufacturing, distribution, real estate, construction, biotechnology, and travel and leisure.  She has significant consulting and audit experience addressing the complexities associated with the accounting, disclosure and SEC reporting requirements associated with significant debt, equity and derivative transactions; multiple-deliverable revenue recognition arrangements; accounting for income taxes; and application of other complex accounting standards and regulatory requirements.  Ms. Reich has provided significant guidance on the implementation of the requirements under Sarbanes-Oxley Section 404 related to establishment of internal controls over financial reporting.  Ms. Reich also has diversified experience in forensic and investigative accounting.

Ms. Reich has been a shareholder in local Tampa-based firms and was also affiliated with a national firm and other mid-sized firms.  Ms. Reich frequently speaks on current accounting topics for the Florida Institute of Certified Public Accountants and was also an instructor of Accounting in Honolulu, Hawaii, where she taught graduate and undergraduate courses in accounting, auditing, business analysis and accounting information systems.

Ms. Reich holds a Master of Business Administration degree and a Bachelor of Science degree in Accounting.  She is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants, the Florida Institute of Certified Public Accountants and the American College of Forensic Examiners.

Diane can be contacted at dreich@reichco-cpa.com