FASB Issues Staff Position FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises

Norwalk, CT, December 30, 2008—The Financial Accounting Standards Board (FASB) today issued FASB Staff Position (FSP) FIN 48-3, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. The FSP defers the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic enterprises, including nonpublic not-for-profit organizations, for fiscal years beginning after December 15, 2008.

The deferred effective date is intended to give the Board additional time to develop guidance on the application of Interpretation 48 by pass-through entities and not-for-profit organizations. The deferral will also give the Board time to amend the disclosure requirements of Interpretation 48 for nonpublic enterprises.

Nonpublic enterprises that are eligible for the deferral are defined in paragraph 289, as amended, of FASB Statement No. 109, Accounting for Income Taxes. However, nonpublic consolidated entities of public enterprises that apply U.S. generally accepted accounting principles (GAAP) are not eligible for the deferral. Also not eligible for the deferral are nonpublic enterprises that have applied the recognition, measurement, and disclosure provisions of Interpretation 48 in a full set of annual financial statements issued prior to the issuance of this FSP.

The FSP is available at

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