Last month, CFOs and tax directors began inundating the board with unsolicited comment letters asking for more time to implement the new interpretation.
The Financial Accounting Standards Board will consider a one-year delay in the implementation of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, at its January 17 meeting.
Issued last July, FIN 48 is now effective for fiscal years beginning after December 15, 2006. The possible delay may have been prompted by outcries from finance departments across the country. Last month, CFOs and tax directors began inundating FASB with unsolicited comment letters (236 letters, at last count) asking for more time to implement the new interpretation. Finance chiefs such as D. Scott Davis of UPS and Peter Currie of Nortel Networks urged the board to push back the effective date until fiscal years beginning after December 15, 2007.
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