FEI Summary

January 10, 2006

 FEI’s Committee on Taxation (COT) has submitted a letter to the Financial Accounting Standards Board (FASB) requesting a one-year delay in the implementation of FIN 48.  FIN 48 prescribes how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return.  Because FIN 48 represents a significant shift in the accounting and reporting model for income taxes, COT expressed its concern that companies and their auditors may not be able to effectively implement FIN 48 within the limited timeframe and guidance provided. COT hopes FASB will consider delaying the implementation date when it next meets on Jan. 17, 2007. 

For more information, please contact Mark Prysock at FEI (mprysock@FinancialExecutives.org)..