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FASB uses online survey to garner CU input
WASHINGTON (1/8/08)--After the Financial Accounting Standards Board (FASB) in November deferred the effective date of Interpretation 48 (FIN 48) for nonpublic entities, one of its committees now is asking for input via an online survey. 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 CUSOs which are subject to state and federal tax. Credit unions who are subject to UBIT and who made not have filed or paid would have had to record a liability on their financial statements anyway. According to Scott Waite, chairman of the Credit Union National Association (CUNA) Accounting Task Force, the survey would help determine just how to apply FIN 48 in the sometimes uncertain world of not-for-profit organizations. This is particularly true in the case of UBIT where there is still some uncertainty as to exactly what is and is not subject to the tax. Waite, who is also SVP-CFO of Patelco CU, San Francisco, said great strides have been made in soliciting input to the standards setting process from small and private companies—including credit unions. “The FASB representation of the credit union industry has afforded us high visibility and we should take the opportunity to participate whenever we can,” he said. “We really do make a difference in many financial reporting outcomes.” Use the resource link below to access the survey. The deadline is Jan. 31.
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