FASB Issues Staff Position on Financial Interpretation 48
February 21, 2008
A FASB Staff Position (FSP) issued on February 1 defers the effective date of FASB Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes, for certain nonpublic enterprises. Few independent institutions are likely to qualify for this deferral.
The one-year deferral of the effective date of Interpretation 48 is for all nonpublic entities, unless they have already implemented the Interpretation and issued interim or year-end GAAP financial statements. Consistent with the definition of public in FASB Statement No. 109, Accounting for Income Taxes, which Interpretation 48 is interpreting and which is amended by FSP FAS 126-1, nonpublic would include all not-for-profits without publicly traded conduit debt.
Publicly traded conduit debt securities can be traded in foreign or domestic exchanges or over-the-counter markets, which can be local or regional. Based on this definition, many independent institutions hold such conduit debt and would be considered public per SFAS 109 and therefore FIN 48. However, independent institutions without conduit debt or with only privately placed conduit debt would be eligible for the deferral.
NACUBO Contact: Sue Menditto, Director, Accounting Policy
- NACUBO Expresses Concerns with ED Proposal to Expand Federal Financial Responsibility Rules
- IRS Proposes Modifications to 1098-T Reporting
- ED Policy to Require Annual Student Aid Compliance Audits Beginning FY17
- 2016 Planning and Budgeting Forum
September 19-20, 2016
- 2016 Big Opportunities for Small Institutions
September 20-21, 2016
- 2016 Tax Forum
September 25-27, 2016
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus
- ON-DEMAND: The Clery Act: Strategic Planning to Mitigate Institutional Risk
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives