FASB Affirms Deferral Of FIN 48 for Private Cos – Will Require Certain Disclosures

Dec. 17, 2008
FEI Summary

At its board meeting on Dec. 17, 2008, the Finacial Accounting Standards Board voted to defer the effective date of FIN 48, Accounting for Uncertainties in Income Taxes, for private co’mpanies. FASB also voted to require certain disclosures. Details are in the concuding section of FASB’s Summary of Board Decisions for December 17. A comment letter filed by FEI (FEI's Committee on Private Companies, Standards Subcommittee) was mentioned during the FASB board meeting webcast. The letter filed by FEI supported the delay, and provided examples of complexities in applying FIN 48 to pass -through entities.