A group representing financial executives has written to the Financial Accounting Standards Board asking to exempt private companies from the requirements of FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes."
William Koch, chair of Financial Executives International's Committee on Private Companies Standards Subcommittee, sent the letter to FASB Chairman Robert Herz. While explaining that the letter represents just the subcommittee's views and not necessarily those of FEI as a whole, he agreed with another letter written by Judith O'Dell, chair of FASB's Private Companies Financial Reporting Committee. O'Dell's committee also wants to exempt private companies from the requirements of FIN 48.
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