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Post details: All States --Corporate Income Tax: FIN 48 Effective Date Unchanged
11/09/07
All States --Corporate Income Tax: FIN 48 Effective Date Unchanged
CCH (cch.taxgroup.com) reports:
The Financial Accounting Standards Board (FAS
decided on January 17, 2007, not to delay implementation of FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes. A delay had been sought by many preparers of financial statements and business organizations, including the Council On State Taxation (COST). (TAXDAY, 2007/01/10, S.1) COST had argued that implementation under the existing timeline would lead to reporting errors and fail to realistically reflect the taxpayers' state tax positions in their financial statements. However, during a board meeting in Norwalk, Connecticut, the FASB voted unanimously to retain the current effective date. Therefore, FIN 48 remains effective for fiscal years beginning after December 15, 2006.
FASB Board Meeting, Norwalk, Connecticut, January 17, 2007.
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