AGU » Topics » Pronouncements Adopted in the Last Three Years

This excerpt taken from the AGU 6-K filed Aug 10, 2007.

Pronouncements Adopted in the Last Three Years

 

Inventory Costs

Financial Accounting Standards Board Statement No. 151 (FAS 151) “Inventory Costs”, clarified that abnormal amounts of idle facility expense, freight, handling costs and wasted materials (spoilage) should be recognized as current-period charges, and requires the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities. The adoption of this standard in 2006 did not have a material impact on the Corporation’s consolidated financial statements.

 

Stripping Costs Incurred in the Production Phase of a Mining Operation

Emerging Issues Task Force (EITF) Issue No. 04-6, “Accounting for Stripping Costs Incurred During Production in the Mining Industry”, required that stripping costs incurred during the production phase of a mine are variable production costs that should be included in the cost of inventory produced during the period that the stripping costs are incurred. The adoption of this standard in the first quarter of 2006 did not have a material impact on the Corporation’s financial statements.

 

Employers’ Accounting for Defined Benefit Pension and Other Post-retirement Plans

FAS 158 “Employers’ Accounting for Defined Benefit Pension and Other Post-retirement Plans”, requires entities to recognize the funded status of defined benefit plans in the statement of financial position and eliminates the requirement to recognize an additional minimum pension liability. FAS 158 also generally requires entities to

 



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