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FIN 48 officially delayed for nonpublic enterprises.

FASB has issued Staff Position FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, which defers the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic enterprises, including nonpublic not-for-profit organizations, for fiscal years beginning after Dec. 15, 2008.

FASB decided that nonpublic enterprises that elect the deferral should include an explicit disclosure of that election and also disclose its accounting policy for evaluating uncertain tax positions in each set of financial statement to which the deferral applies.

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Title Annotation:news & trends
Publication:California CPA
Date:Mar 1, 2009
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