The Financial Accounting Standards Board isn’t done tinkering with FIN 48 yet.

First came FASB’s decision to exempt private companies from the disclosure requirements found in paragraphs 21(a) and 21(b) of the interpretation, a.k.a. “Accounting for Uncertainty in Income Taxes.”

Now comes word that FASB will defer compliance with FIN 48 for all non-public entities until fiscal years beginning after Dec. 15, 2008. The deferral had previously been limited to pass-through entities alone.

“In the end, FASB decided that in light of a sagging economy —- that has currently bogged down many corporate finance departments —- and the lack of clear definitions and proper training, it would defer the application of FIN 48 for all private companies,” writes CFO.com’s Marie Leone.

It’s the latest evidence that legislators and regulators listen when their publics speak. The MACPA has been among those taking the lead in seeking FIN 48 reforms on behalf of private companies, and it’s great to know that reasoned arguments don’t fall on deaf ears. Kudos, FASB.