Additional One Year Deferral on Tax Accounting Changes

Nonpublic entities have been granted an additional one year deferral by the Financial Accounting Standards Board (FASB) who has agreed to defer the effective date of FASB Interpretation No. 48 (FIN 48),

Accounting for Uncertainty in Income Taxes, until years beginning after December 15, 2008, for all nonpublic entities.

This deferral is expected to operate similar to the previous deferral for nonpublic entities enacted in late 2007. As such, if a company was eligible for the initial one-year deferral of FIN 48 and there has been no change in its status as a nonpublic entity, it will be eligible for the additional deferral.

FIN 48 has already gone into effect for public companies for fiscal years beginning after Dec. 15, 2006.