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* Proposed Delay of Interpretation 48. The Board has issued proposed FSP No. FlN 48-c, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, which would defer the effective date of FASB Interpretation 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic enterprises as defined in paragraph 289, as amended, of FAS 109, Accounting for Income Taxes, including nonpublic not-forprofit organizations. Nonpublic consolidated entities of public companies that apply U.S. GAAP are not eligible for the deferral. 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 also are not eligible for the deferral.
This FSP defers the effective date of Interpretation 48 for eligible nonpublic enterprises to the annual financial statements for fiscal years beginning after December 15, 2008. Once effective, Interpretation 48 should be applied, including its application to acquired income tax positions in FAS 141(R), Business Combinations, as of the beginning of the enterprise's fiscal year.
The deferred effective date is intended to give the Board additional time to develop guidance on the application of Interpretation 48 by...