Common Questions and Answers

FAS 109/IAS 12 Manager guides you through over 150 of the most commonly asked questions relating to FAS 109 and IAS 12. You’ll find answers to even the most complex issues. Each answer is compiled in our Interactive Research Aid format, so links will instantly direct you to specific sections of FAS 109, IAS 12 and helpful practice aids.

Topics include:

FAS 109

• Overview and Scope of FAS 109
• Entities affected by FAS 109
• Operating principles of FAS 109
• FAS 109 rules exceptions
• Financial statement preparation and disclosure requirements
• Impact of FIN 48 on FAS 109 computation of the tax basis of assets
• Temporary differences
• Taxable and deductible temporary differences
• Recognition and measurement
• Deferred tax expense or benefit
• Computing deferred taxes under FAS 109
• Tax planning strategies related to FAS 109
• Effects of tax planning strategies on valuation allowances
• Exempt enterprises
• Acquired Opinion 23 differences
• Intraperiod tax allocations
• Treatment of carryforwards
• FAS 109 treatment related to quasi reorganizations
• …and much more

IAS 12

• Overview and scope of IAS 12
• Objective of IAS 12
• Tax based defined
• Recognition of current tax liabilities and assets
• Recognition of deferred tax liabilities and assets
• Business combinations
• Initial recognition of an asset or liability
• Deductible temporary differences
• Unused tax losses and credits
• Reassessment
• Investments in subsidiaries and other interests
• Recognition and measurement
• Financial statement presentation and disclosures
• …and much more

FAS 109 Best Practices
This helpful publication includes a comprehensive review of the differences between FAS 109 and IAS 12 as well as in-depth interviews with experienced tax pros that discuss what they’ve learned during FAS 109 implementation and illustrate their plans for ongoing compliance.

FASB Statement No. 109
This PDF document is broken into discrete sections so you can easily locate relevant information within the original FASB Statement No. 109, issued in February 1992.

IASB Statement No. 12 [Full Text]

Sample FAS 109 SEC Filings by Industry 
Includes FAS 109 10K Filings 2008.

FAS 109 Multistate Smart Charts™
FAS 109/IAS 12 Manager contains approximately 25 new Multistate Smart Charts that allow you to compare FAS 109 issues across tax jurisdictions. Each chart contains links so that you can drill down into specific sections of FAS 109. You can quickly chart state tax issues in one jurisdiction, or make a rapid comparison of issues across multiple states. Search by key words, phrases or synonyms to further increase your efficiency. Simply select the topics and the jurisdictions of interest. Your state tax data will be presented side-by-side in an easy-to-understand chart format.

Easy-to-use FAS 109 Practice Aids
Valuable practice aids help you gain deep insight into complicated FAS 109 planning and implementation considerations. Each practice aid provides important information, guidance and tools to facilitate comprehensive understanding.

Comprehend tough FAS 109 issues with tools like FAS 109 Compliance Checklist, Form 1120 Schedule M-3 IRS, FAQs, External Auditor Checklist, and more.