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ICI » Topics » Accounting for Income Taxes

This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Accounting for Income Taxes. FIN No. 48 prescribes a recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

FIN No. 48 is effective for fiscal years beginning after 15 December 2006. The Group is currently assessing the impact of FIN No. 48 on the consolidated results and net assets of the Group.

SFAS No. 157

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