FIN 48 Implementation Deferred for Nonpublic Entities
November 13, 2007
The FASB has delayed the effective date of FIN 48 for all nonpublic entities to periods beginning after December 15, 2007. It is important for colleges and universities to note that the one-year deferral applies only to nonpublic entities; in this case, “nonpublic” excludes entities with publicly traded conduit debt.
Using the definition of nonpublic that excludes nonprofits with publicly traded conduit debt likely knocks out many independent higher education institutions. However, smaller schools with privately placed conduit debt—or no conduit debt—should take note. The decision was made at last week’s FASB meeting and will be reported in the November 15 issue of Action Alert.
NACUBO Contact: Sue Menditto, director, accounting policy
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