"FIN 48 Delay Offers Small Cos. Breathing Room on Taxes"

By Marie Leone: While private companies have longer to comply with FASB's new rule on uncertain tax positions, that doesn’t change the balance-sheet consequences.

The Financial Accounting Standards Board has decided to allow small nonpublic companies and partnerships to put off compliance with FASB's disclosure rule on uncertain tax positions. Originally issued in June 2006, the rule, FIN 48, went into effect for public companies last December.

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Source: CFO.com, 12 November 2007. © CFO Publishing Corporation 2007. All rights reserved.