This excerpt taken from the FPU 10-Q filed Aug 10, 2006.
Recent Accounting Standards
In June 2006, the Financial Accounting Standards Board (FASB) issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48). The interpretation clarifies the accounting for uncertainty in income taxes recognized in an entitys financial statements in accordance with SFAS No. 109, Accounting for Income Taxes. The pronouncement prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company does not believe that the adoption of this interpretation will impact its financial condition; however, the Company is currently assessing the impact of FIN 48, which must be implemented effective January 1, 2007.