FASB Staff Position
Potential impact on local CPAs

FASB Interpretation 48, Accounting for Uncertainty in Income Taxes,
becomes effective for the annual statements of nonpublic entities for years
beginning after 12/15/08. That means for calendar year nonpublic
entities that have deferred the application of Interpretation 48, it will
become effective for 12/31/09 year end financial statements.

Interpretation 48 applies to pass-through entities and tax-exempt
not-for-profit entities. The proposal is designed to provide guidance on the
application of Interpretation 48 for those entities. In addition, the
proposed FSP would modify the disclosure requirements of FIN 48, eliminating
the disclosures in paragraphs 21(a) and 21(b) of that interpretation for
nonpublic entities as that term is defined in FASB Statement No. 109.

The exposure draft has been posted to the FASB website. See:
http://www.fasb.org/fasb_staff_positions/prop_fsp_fin48-d.pdf

Comments may be sent to director@fasb.org.

Excerpted from communication from Paul Glotzer, FASB