The Financial Accounting Standards Board has agreed to defer the effective date of Interpretation No. 48, "Accounting for Uncertainty in Income Taxes," for nonpublic entities to years beginning after Dec. 15, 2007.
FASB had received a letter from its Private Company Financial Reporting Committee recommending a deferral for nonpublic entities since many were unaware that they were included within the scope of FIN 48 until after it became effective. Many of them require more time to study and apply the provisions.
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