After years of delay, the Financial Accounting Standards Board (FASB) has set a firm deadline for FIN 48 that calls for all entities to adopt the standard as of the fiscal year beginning after December 31, 2008.

FIN 48 has been criticized for its complexity and most notably, its lack of clarity when it comes to pass-through and tax-exempt nonprofit entities. Regardless, private entities will have to get moving on FIN 48 compliance using guidance previously released. We outline what was included in the latest FIN 48 update and the steps to get started towards compliance in this tax alert. You may also want to read the full FIN 48 staff position from FASB.

Please feel free to comment or contact us if you have any questions. How do you think FIN 48 compliance will help or hinder pass-through and tax-exempt nonprofit entities? What about other companies?

This entry was posted on Tuesday, August 18th, 2009 at 7:30 am and is filed under Accounting. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.