GOLF » Topics » Uncertain Tax Positions

These excerpts taken from the GOLF 10-K filed Mar 3, 2009.

Uncertain Tax Positions

 

Effective December 31, 2006, we were required to adopt and implement the provisions of FASB Interpretation (“FIN”) 48, as amended, “Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with SFAS No. 109,

 

28



Table of Contents

 

Accounting for Income Taxes” (“SFAS 109”).  FIN 48 establishes a new basis for how companies should recognize, measure, present and disclose uncertain income tax positions that have been or expect to be taken in tax returns. As a result of the adoption of FIN 48, we recognized an increase in the liability for our uncertain tax positions of $0.09 million, of which the entire charge was accounted for as a decrease to the beginning balance of retained earnings. The accrual for uncertain tax positions can result in a difference between the estimated benefit recorded in our financial statements and the benefit taken or expected to be taken in our income tax returns. This difference is generally referred to as an “unrecognized tax benefit.”  Our uncertain tax positions contain uncertainties because management is required to make assumptions and to apply judgment to estimate the exposures associated with our various filing positions.  Although management believes that its judgments and estimates are reasonable, actual results could differ, and we may be exposed to material losses or gains that could be material.

 

Uncertain Tax
Positions



 



Effective December 31,
2006, we were required to adopt and implement the provisions of FASB
Interpretation (“FIN”) 48, as amended, “Accounting for Uncertainty
in Income Taxes, an interpretation of FASB Statement No. 109”

(“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes
recognized in an enterprise’s financial statements in accordance with SFAS No. 109,



 



28
















Table of
Contents



 



Accounting for Income Taxes” (“SFAS 109”).  FIN 48 establishes a new basis for how
companies should recognize, measure, present and disclose uncertain income tax
positions that have been or expect to be taken in tax returns. As a result of
the adoption of FIN 48, we recognized an increase in the liability for our
uncertain tax positions of $0.09 million, of which the entire charge was
accounted for as a decrease to the beginning balance of retained earnings. The
accrual for uncertain tax positions can result in a difference between the
estimated benefit recorded in our financial statements and the benefit taken or
expected to be taken in our income tax returns. This difference is generally
referred to as an “unrecognized tax benefit.” 
Our uncertain tax positions contain uncertainties because management is
required to make assumptions and to apply judgment to estimate the exposures
associated with our various filing positions. 
Although management believes that its judgments and estimates are
reasonable, actual results could differ, and we may be exposed to material
losses or gains that could be material.



 



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 3, 2009
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki