Wednesday, October 15, 2008

FASB Votes To PROPOSE Delaying FIN 48, Uncertain Income Taxes, For ALL Private Entities

CORRECTED POST: FASB voted to PROPOSE this expanded deferral. At its board meeting earlier today, FASB reconsidered its October 1 decision to propose a one year deferral of FIN 48, Uncertain Income Taxes, for only certain pass-through entities, and instead, voted today that the proposed further deferral of FIN 48 should apply to ALL private entities (i.e., non-public companies).

In reaching today’s decision, FASB considered four different approaches to potentially deferring FIN 48 for certain pass through entities vs. all private entities, and agreed on ‘alternative 4’ in the board handout, to defer FIN 48 for “all private entities, whether or not they are pass-through entities.”

As noted in FASB’s Summary of Decisions Reached, there will be a 30 day comment period on the proposal, which will be issued in the form of a proposed FASB Staff Position (proposed FSP). We will also provide further highlights from the board meeting in a summary on

Today was the last board meeting for board member George Batavick, whose term ended on June 30 of this year; he stayed on until a new board member was named. Next week, new board member Marc Siegel joins the board. FASB Chairman Robert Herz said, "We thank George for (his service on the board) the last few months and moreover the last five years for being a terrific collegauge." Batavick said, "It has been a great honor, great pleasure to serve (the board)... we should all be very proud of the vital role we play in improving financial reporting."

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