Fin 48 consolidating

The objective of this Interpretation is not to restrict the use of variable interest entities but to improve financial reporting by enterprises involved with variable interest entities.The Board believes that if a business enterprise has a controlling financial interest in a variable interest entity, the assets, liabilities, and results of the activities of the variable interest entity should be included in consolidated financial statements with those of the business enterprise.51, Consolidated Financial Statements, addresses consolidation by business enterprises of variable interest entities,* which have one or both of the following characteristics: Reason for Issuing This Interpretation Transactions involving variable interest entities have become increasingly common, and the relevant accounting literature is fragmented and incomplete.ARB 51 requires that an enterprise's consolidated financial statements include subsidiaries in which the enterprise has a controlling financial interest.Although it is reasonably possible that a significant change in the balance of unrecognized tax benefits may occur within the next twelve months, at this time it is not possible to estimate the range of the change due to the uncertainty of the potential outcomes.

Accordingly, at March 31, 2009 and December 31, 2008, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were .7 billion.Moreover, DMI's Tax Position Manger applications' available integration with Bloomberg BNA's Corporate Tax Analyzer and DMI's Interest Net software, both of which are the only two products authorized by the IRS for multi-year tax and interest netting computations, creates a complete and incomparable end-to-end solution for accurately computing, tracking, and reporting tax and interest positions.Automatically generates Journal Entries: liabilities and amounts due to you from the taxing authorities (inclusive of interest), Foreign Exchange G/L, Translation G/L, and tax impact of state/local taxes and interest Was designed to and is capable of removing spreadsheets from the entire tax position tracking process, interest computation process, and provides an automated settlement process that nets the same result as the IRS.Any corporation that tracks any type of position, however simplistic or complex, whether they have a handful or a multitude of positions.Year over year tracking within spreadsheets is a laborious, tedious, and a risky task.Until FIN 46 was implemented, this enabled companies to avoid consolidation, which permitted them to keep the liabilities and losses of their controlled special purpose entities off of their financial statements.

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