FASB DELAYS FIN 48 FOR PRIVATE COS.Norwalk, Conn. - The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for nonpublic entities.
The guidance, which was issued in July 2006, was supposed to be effective for years beginning after Dec. 15, 2006 (2007 for most nonpublic entities). It will now be effective for periods beginning after Dec. 15, 2007, for entities that have not already begun adopting FIN 48. Those that have already started to implement FIN 48 must continue to do so.
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