Deferral of FIN 48 for certain nonpublic entities is final.

• Position: Accounting & auditing news

On Feb. 1, the Financial Accounting Standards Board issued FASB Staff Position FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. This FSP defers the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes. for certain nonpublic enterprises as defined in paragraph 289, as amended, of FASB Statement No. 109, Accounting for Income Taxes.

FSP FIN 48-2 defers the effective date of FIN 48 for nonpublic enterprises included within this FSP's scope to the annual financial statements for fiscal years beginning after Dec. 15, 2007 (The CPA Letter, Dec. 2007). When effective, FIN 48 should be applied as of the beginning of the enterprise's fiscal year. This FSP applies to nonpublic enterprises subject to the provisions of FIN 48 unless that nonpublic enterprise (a) is a consolidated entity of a public enterprise that applies U.S. GAAP or (b) has issued a full set of U.S. GAAP...