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Subject:
Item Title: FASB Defers Effective Date for FIN 48 for Nonpublic Entities
Summary:

The title of this article alone might be too much alphabet soup for many of our readers, but the subject is nevertheless very important in your corporate financial statements.  FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes (SFAS 109).  In essence, it requires companies to state if they have taken an uncertain position on income tax that may result in an increased tax liability.  Public entities began complying in 2007, but FASB has again deferred the effective date for nonpublic entities.  Read on for more details. 
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