FIN #48 Uncertain Tax Positions

Dec 21st, 07
Year End 2008?

FIN #48, an interpretation issued by the Financial Accounting Standards Board to address the disclosure of uncertain tax positions was a discussion point at the Statutory Accounting Principles Working Group’s meeting in Houston.  The Working Group was certainly influenced by the FASB’s decision to postpone the application of FIN #48 for non-public companies for a year, but will likely adopt FIN #48 for 2008 year end reporting.  Application of the interpretation will involve substantial data accumulation which is likely why Interested Parties have called for it to not be adopted for statutory purposes.