FASB Releases Proposal To Defer FIN 48, Uncertain Income Taxes, For Private Cos.
By Edith Orenstein, FEI Financial Reporting Blog - Earlier today, FASB released Proposed FASB Staff Position (FSP) No. FIN 48-c, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. The proposed FSP would amend FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), by deferring the effective date of that FIN 48 to fiscal years beginning after December 15, 2008, for nonpublic enterprises as defined by paragraph 289 of FASB Statement No. 109, Accounting for Income Taxes, including nonpublic not-for-profit organizations. Public companies have already adopted FIN 48. The comment deadline on Proposed FSP Fin 48-c is Dec. 3. Read more here.