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FASB Plans Another FIN 48 Deferral for Private Companies

Tammy Whitehouse | October 15, 2008

Private companies may win another one-year deferral from the Financial Accounting Standards Board on a requirement to disclose more information about uncertain tax positions.

In its weekly meeting today, FASB voted reluctantly to propose a one-year deferral on the effective date of Financial Interpretation No. 48 Accounting for Uncertainty in Income Taxes for all non-public companies. FIN 48 is the controversial, tell-all interpretation of Financial Accounting Statement No. 109 Accounting for Income Taxes, requiring companies to disclose where they may have positions on their tax returns that may not hold up to scrutiny.

FASB adopted FIN 48 in 2006, and it became effective for public companies with the 2007 calendar year, despite their urgent...

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