FASB Proposes Further Deferral of FIN 48-Uncertain Income Taxes-For Private Pass-Thru Entities
By Edith Orenstein, FEI Financial Reporting Blog - Private co’s are currently under a deferral of FIN 48, set forth in FSP FIN 48-2, “This FSP defers the effective date of Interpretation 48 for nonpublic enterprises included within this FSP’s scope to the annual financial statements for fiscal years beginning after December 15, 2007. When effective, Interpretation 48 should be applied as of the beginning of the enterprise’s fiscal year.”
With the end of the deferral period looming, FASB discussed at its Oct. 1 board meeting whether certain types of nonpublic entities should receive a further deferral of FIN 48, and discussed disclosure relief from certain provisions of FIN 48 for all private companies.
Read the results of FASB's Oct. 1 decisions on FIN 48 for Private Cos, including a proposal to further defer FIN 48 for private pass-through entities, and to propose further guidance here.