If you were to prepare or audit financial statements and, in particular, the balance sheet accounts associated with taxes, you may hear reference to FAS 109, FIN 48, or FAS 5. But, in light of the FASB Accounting Standards Codification, those references are antiquated.

1. identify the topics that FAS 109, FIN 48, and FAS 5 each addressed.

2. identify the Codification reference to FAS 109/FIN 48 and FAS 5 (i.e., ASC ____)?

3. identify the Codification section you would review for reporting/measuring a liability for not collecting sales taxes (think Internet seller who might not be collecting sales taxes)?

4. review SAB99. http://www.sec.gov/interps/account/sab99.htm What topic does this address? In your own words, what is the SECs staff opinion in this bulletin?