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Accounting group defers FIN 48
WASHINGTON (1/28/08)--The Financial Accounting Standards Board (FASB) voted to allow a deferral of FIN 48 for nonpublic entities unless they have issued a full set of annual financial statements incorporating the recognition, measurement and disclosure requirements of FIN 48. FIN 48 is applicable to unrelated business income taxation (UBIT) for state-chartered credit unions and provides direction on how to financially recognize such tax when there is a question regarding the amount of the tax liability. It is also important to many credit union service organizations (CUSOs), which are subject to state and federal tax. Fin 48 applies for the reporting of tax liabilities when there is uncertainty as to the extent of the liability, such as with the application of unrelated business income taxation to state credit unions. Under the deferral, FIN 48 would apply for years beginning after December 15, 2007. "This is a good development," said CUNA's Accounting Task Force Chairman Scott Waite who noted that CUNA, the UBIT Steering Committee, and others filed comments with FASB on Jan. 18 to support the deferral. However, some remaining uses need clarification, such as how first quarter 2008 call report filings might impact the deferral, noted Waite, who also is senior vice president and chief financial officer of Patelco CU, in San Francisco. Waite, CUNA, CUNA Mutual Group and other organizations represented on the UBIT Steering Committee will continue working with FASB to provide as much clarification on these issues as possible, according to CUNA Deputy General Counsel Mary Dunn. Use the resource link below to review the comment letters.
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