CALD » Topics » Recent Accounting Pronouncements

These excerpts taken from the CALD 10-K filed Mar 12, 2009.
Recent Accounting Pronouncements
 
See Note 1 of our Notes to Consolidated Financial Statements for information regarding the effect of new accounting pronouncements on our financial statements.


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Recent
Accounting Pronouncements



 



See Note 1 of our Notes to Consolidated Financial
Statements for information regarding the effect of new
accounting pronouncements on our financial statements.





38





Table of Contents







Recent Accounting Pronouncements
 
In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157, “Fair Value Measurements” (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements, as the FASB had previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, SFAS 157 does not require any new fair value measurements. SFAS 157 was effective for fiscal years beginning after November 15, 2007. However, in February 2008, the FASB issued FSP FAS 157-2, which delays the effective date of SFAS 157 for nonfinancial assets and nonfinancial liabilities, except items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). This FSP partially defers the effective date of SFAS 157 for non-financial assets and liabilities to fiscal years beginning after November 15, 2008, and interim periods within those fiscal years for items within the scope of this FSP. These nonfinancial items include assets and liabilities such as reporting units measured at fair value in a goodwill impairment test and nonfinancial assets acquired and liabilities assumed in a business combination. The Company has adopted the new accounting pronouncement, except as it applies to those nonfinancial assets and nonfinancial liabilities as noted in FSP FAS 157-2, as of January 1, 2008.
 
In October 2008, the FASB issued FSP FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active.” This FSP clarifies the application of SFAS 157 in an inactive market and addresses application issues such as the use of internal assumptions when relevant observable data does not exist, the use of observable market information when the market is not active and the use of market quotes when assessing the relevance of observable and unobservable data. FSP FAS 157-3 is effective for all periods presented in accordance with SFAS 157. The Company has adopted the new accounting pronouncement, as the guidance in FSP FAS 157-3 was effective immediately. See Note 5 for information and related disclosures regarding the Company’s fair value measurements.
 
In February 2007, the FASB issued FASB Statement No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities — Including an Amendment of FASB Statement No. 115” (SFAS 159). SFAS 159 permits the Company to choose to measure many financial instruments and certain other items at fair value. The Company adopted SFAS 159 as of January 1, 2008. As the Company already measures its financial instruments at fair value, the Company did not make any fair value elections during the current period. Therefore, the adoption of SFAS 159 did not impact the Company’s consolidated financial statements.
 
In December 2007, the FASB issued FASB Statement No. 141 (revised 2007), “Business Combinations” (SFAS 141R). SFAS 141R requires the use of “full fair value” to record all the identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination. SFAS 141R is effective for fiscal years beginning after December 15, 2008. The adoption of SFAS 141R will impact all business acquisitions entered into after January 1, 2009.
 
In December 2007, the FASB issued FASB Statement No. 160 “Noncontrolling Interests in Consolidated Financial Statements” (SFAS 160). SFAS 160 requires the noncontrolling interests (minority interests) to be recorded at fair value and reported as a component of equity. SFAS 160 is effective for fiscal years beginning after


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CALLIDUS SOFTWARE INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
December 15, 2008. The Company does not have any noncontrolling interests (minority interests). As such, the adoption of SFAS 160 will have no initial impact on the Company’s consolidated financial statements.
 
In April 2008, the FASB issued FASB Staff Position No. 142-3, “Determination of the Useful Life of Intangible Assets” (FSP 142-3). FSP 142-3 amends the factors an entity should consider in developing renewal or extension assumptions used in determining the useful life of recognized intangible assets under FASB Statement No. 142, “Goodwill and Other Intangible Assets” (SFAS 142). This new guidance applies prospectively to intangible assets that are acquired individually or with a group of other assets in business combinations and asset acquisitions. FSP 142-3 is effective for financial statements issued for fiscal years and interim periods thereof beginning after December 15, 2008. Early adoption is prohibited. The adoption will not have a material impact on the consolidated financial statements as none of the Company’s assumptions have changed.
 
In May 2008, the FASB issued FASB Statement No. 162 “The Hierarchy of Generally Accepted Accounting Principles” (SFAS 162). SFAS 162 identifies the sources of generally accepted accounting principles and provides a framework, or hierarchy, for selecting the principles to be used in preparing U.S. GAAP financial statements for nongovernmental entities. SFAS 162 was effective November 15, 2008. The adoption of SFAS 162 did not have a material impact on the Company’s consolidated financial statements.
 
In September 2008, the FASB issued Emerging Issues Task Force No. 08-7 “Accounting for Defensive Intangible Assets” (EITF 08-7). EITF 08-7 requires that an acquired defensive intangible asset be accounted for as a separate unit of accounting at acquisition, not combined with the acquirer’s recognized or unrecognized intangible assets. The useful life of the asset should be determined as the period over which the reporting entity expects a defensive asset to contribute directly or indirectly to the entity’s future cash flows, in accordance with paragraph 11 of SFAS 142. EITF 08-7 is effective for defensive assets acquired on or after the beginning of the first annual reporting period beginning on or after December 14, 2008 and shall be applied prospectively. Early application is not permitted. The adoption of EITF 08-7 will impact all defensive assets acquired after January 1, 2009.
 
Recent
Accounting Pronouncements



 



In September 2006, the Financial Accounting Standards Board
(FASB) issued FASB Statement No. 157, “Fair Value
Measurements”
(SFAS 157). SFAS 157 defines
fair value, establishes a framework for measuring fair value
under generally accepted accounting principles (GAAP), and
expands disclosures about fair value measurements. SFAS 157
applies under other accounting pronouncements that require or
permit fair value measurements, as the FASB had previously
concluded in those accounting pronouncements that fair value is
the relevant measurement attribute. Accordingly, SFAS 157
does not require any new fair value measurements. SFAS 157
was effective for fiscal years beginning after November 15,
2007. However, in February 2008, the FASB issued FSP
FAS 157-2,
which delays the effective date of SFAS 157 for
nonfinancial assets and nonfinancial liabilities, except items
that are recognized or disclosed at fair value in the financial
statements on a recurring basis (at least annually). This FSP
partially defers the effective date of SFAS 157 for
non-financial assets and liabilities to fiscal years beginning
after November 15, 2008, and interim periods within those
fiscal years for items within the scope of this FSP. These
nonfinancial items include assets and liabilities such as
reporting units measured at fair value in a goodwill impairment
test and nonfinancial assets acquired and liabilities assumed in
a business combination. The Company has adopted the new
accounting pronouncement, except as it applies to those
nonfinancial assets and nonfinancial liabilities as noted in FSP
FAS 157-2,
as of January 1, 2008.


 



In October 2008, the FASB issued FSP
FAS 157-3,
“Determining the Fair Value of a Financial Asset When
the Market for That Asset Is Not Active.”
This FSP
clarifies the application of SFAS 157 in an inactive market
and addresses application issues such as the use of internal
assumptions when relevant observable data does not exist, the
use of observable market information when the market is not
active and the use of market quotes when assessing the relevance
of observable and unobservable data. FSP
FAS 157-3
is effective for all periods presented in accordance with
SFAS 157. The Company has adopted the new accounting
pronouncement, as the guidance in FSP
FAS 157-3
was effective immediately. See Note 5 for information and
related disclosures regarding the Company’s fair value
measurements.


 



In February 2007, the FASB issued FASB Statement No. 159,
“The Fair Value Option for Financial Assets and
Financial Liabilities — Including an Amendment of FASB
Statement No. 115”
(SFAS 159). SFAS 159
permits the Company to choose to measure many financial
instruments and certain other items at fair value. The Company
adopted SFAS 159 as of January 1, 2008. As the Company
already measures its financial instruments at fair value, the
Company did not make any fair value elections during the current
period. Therefore, the adoption of SFAS 159 did not impact
the Company’s consolidated financial statements.


 



In December 2007, the FASB issued FASB Statement No. 141
(revised 2007), “Business Combinations”
(SFAS 141R). SFAS 141R requires the use of
“full fair value” to record all the identifiable
assets, liabilities, noncontrolling interests and goodwill
acquired in a business combination. SFAS 141R is effective
for fiscal years beginning after December 15, 2008. The
adoption of SFAS 141R will impact all business acquisitions
entered into after January 1, 2009.


 



In December 2007, the FASB issued FASB Statement No. 160
“Noncontrolling Interests in Consolidated Financial
Statements”
(SFAS 160). SFAS 160 requires the
noncontrolling interests (minority interests) to be recorded at
fair value and reported as a component of equity. SFAS 160
is effective for fiscal years beginning after





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CALLIDUS
SOFTWARE INC.




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)


 



December 15, 2008. The Company does not have any
noncontrolling interests (minority interests). As such, the
adoption of SFAS 160 will have no initial impact on the
Company’s consolidated financial statements.


 



In April 2008, the FASB issued FASB Staff Position
No. 142-3,
“Determination of the Useful Life of Intangible
Assets”
(FSP 142-3).
FSP 142-3
amends the factors an entity should consider in developing
renewal or extension assumptions used in determining the useful
life of recognized intangible assets under FASB Statement
No. 142, “Goodwill and Other Intangible
Assets”
(SFAS 142). This new guidance applies
prospectively to intangible assets that are acquired
individually or with a group of other assets in business
combinations and asset acquisitions.
FSP 142-3
is effective for financial statements issued for fiscal years
and interim periods thereof beginning after December 15,
2008. Early adoption is prohibited. The adoption will not have a
material impact on the consolidated financial statements as none
of the Company’s assumptions have changed.


 



In May 2008, the FASB issued FASB Statement No. 162
“The Hierarchy of Generally Accepted Accounting
Principles”
(SFAS 162). SFAS 162 identifies
the sources of generally accepted accounting principles and
provides a framework, or hierarchy, for selecting the principles
to be used in preparing U.S. GAAP financial statements for
nongovernmental entities. SFAS 162 was effective
November 15, 2008. The adoption of SFAS 162 did not
have a material impact on the Company’s consolidated
financial statements.


 



In September 2008, the FASB issued Emerging Issues Task Force
No. 08-7
“Accounting for Defensive Intangible Assets”
(EITF 08-7).
EITF 08-7
requires that an acquired defensive intangible asset be
accounted for as a separate unit of accounting at acquisition,
not combined with the acquirer’s recognized or unrecognized
intangible assets. The useful life of the asset should be
determined as the period over which the reporting entity expects
a defensive asset to contribute directly or indirectly to the
entity’s future cash flows, in accordance with
paragraph 11 of SFAS 142.
EITF 08-7
is effective for defensive assets acquired on or after the
beginning of the first annual reporting period beginning on or
after December 14, 2008 and shall be applied prospectively.
Early application is not permitted. The adoption of
EITF 08-7
will impact all defensive assets acquired after January 1,
2009.


 




These excerpts taken from the CALD 10-K filed Mar 17, 2008.
Recent Accounting Pronouncements
 
In September 2006, the FASB issued FASB Statement No. 157, “Fair Value Measurements” (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements, as the FASB had previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, SFAS 157 does not require any new fair value measurements. SFAS 157 is effective for fiscal years beginning after


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Table of Contents

November 15, 2007. However, in February 2008, the FASB issued FSP FAS 157-2, which delays the effective date of SFAS 157 for nonfinancial assets and nonfinancial liabilities, except items recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). This FSP partially defers the effective date of SFAS 157 to fiscal years beginning after November 15, 2008, and interim periods within those fiscal years for items within the scope of this FSP. We adopted the new accounting provision, except as it applies to those nonfinancial assets and nonfinancial liabilities as noted in FSP FAS 157-2, as of January 1, 2008. We are currently evaluating the effect that the adoption of SFAS 157 will have on our consolidated financial statements.
 
In February 2007, the FASB issued FASB Statement No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities — Including an amendment of FASB Statement No. 115” (SFAS 159). SFAS 159 permits us to choose to measure many financial instruments and certain other items at fair value. SFAS 159 is effective as of the beginning of the first fiscal year that begins after November 15, 2007. We adopted the new accounting provision as of January 1, 2008. We are currently evaluating the effect that the adoption of SFAS 159 will have on our consolidated financial statements.
 
In December 2007, the FASB issued FASB Statement No. 141R (revised 2007), “Business Combinations” (SFAS 141R). SFAS 141R requires the use of “full fair value” to record all the identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination. SFAS 141R is effective for fiscal years beginning after December 15, 2008. We are currently evaluating the impact that SFAS 141R will have on our consolidated financial statements.
 
In December 2007, the FASB issued FASB Statement No. 160 “Noncontrolling Interests in Consolidated Financial Statements” (SFAS 160). SFAS 160 requires the noncontrolling interests (minority interests) to be recorded at fair value and reported as a component of equity. SFAS 160 is effective for fiscal years beginning after December 15, 2008. We are currently evaluating the impact that SFAS 160 will have on our consolidated financial statements.
 
Recent
Accounting Pronouncements



 



In September 2006, the FASB issued FASB Statement No. 157,
“Fair Value Measurements” (SFAS 157).
SFAS 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles
(GAAP), and expands disclosures about fair value measurements.
SFAS 157 applies under other accounting pronouncements that
require or permit fair value measurements, as the FASB had
previously concluded in those accounting pronouncements that
fair value is the relevant measurement attribute. Accordingly,
SFAS 157 does not require any new fair value measurements.
SFAS 157 is effective for fiscal years beginning after





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Table of Contents






November 15, 2007. However, in February 2008, the FASB
issued FSP
FAS 157-2,
which delays the effective date of SFAS 157 for
nonfinancial assets and nonfinancial liabilities, except items
recognized or disclosed at fair value in the financial
statements on a recurring basis (at least annually). This FSP
partially defers the effective date of SFAS 157 to fiscal
years beginning after November 15, 2008, and interim
periods within those fiscal years for items within the scope of
this FSP. We adopted the new accounting provision, except as it
applies to those nonfinancial assets and nonfinancial
liabilities as noted in FSP
FAS 157-2,
as of January 1, 2008. We are currently evaluating the
effect that the adoption of SFAS 157 will have on our
consolidated financial statements.


 



In February 2007, the FASB issued FASB Statement No. 159,
“The Fair Value Option for Financial Assets and
Financial Liabilities — Including an amendment of FASB
Statement No. 115”
(SFAS 159). SFAS 159
permits us to choose to measure many financial instruments and
certain other items at fair value. SFAS 159 is effective as
of the beginning of the first fiscal year that begins after
November 15, 2007. We adopted the new accounting provision
as of January 1, 2008. We are currently evaluating the
effect that the adoption of SFAS 159 will have on our
consolidated financial statements.


 



In December 2007, the FASB issued FASB Statement No. 141R
(revised 2007), “Business Combinations”
(SFAS 141R). SFAS 141R requires the use of
“full fair value” to record all the identifiable
assets, liabilities, noncontrolling interests and goodwill
acquired in a business combination. SFAS 141R is effective
for fiscal years beginning after December 15, 2008. We are
currently evaluating the impact that SFAS 141R will have on
our consolidated financial statements.


 



In December 2007, the FASB issued FASB Statement No. 160
“Noncontrolling Interests in Consolidated Financial
Statements”
(SFAS 160). SFAS 160 requires the
noncontrolling interests (minority interests) to be recorded at
fair value and reported as a component of equity. SFAS 160
is effective for fiscal years beginning after December 15,
2008. We are currently evaluating the impact that SFAS 160
will have on our consolidated financial statements.


 




This excerpt taken from the CALD 10-Q filed Aug 1, 2007.
Recent Accounting Pronouncements
 
In September 2006, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 157, “Fair Value Measurements” (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements, as the FASB had previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, SFAS 157 does not require any new fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007. We will adopt the new accounting provisions as of January 1, 2008. We


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Table of Contents

are currently evaluating the effect that the adoption of SFAS 157 will have on our consolidated financial statements, but do not expect the effect to be material.
 
In February 2007, the FASB issued FASB Statement No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities — Including an amendment of FASB Statement No. 115” (SFAS 159). SFAS 159 permits us to choose to measure many financial instruments and certain other items at fair value. SFAS 159 is effective as of the beginning of the first fiscal year that begins after November 15, 2007. We will adopt the new accounting provisions as of January 1, 2008. We are currently evaluating the effect that the adoption of SFAS 159 will have on our consolidated financial statements, but do not expect the effect to be material.
 
This excerpt taken from the CALD 10-K filed Mar 16, 2007.
Recent Accounting Pronouncements
 
In June 2006, the Financial Accounting Standards Board (FASB) ratified the Emerging Issues Task Force Issue No. 06-3 (EITF 06-3), “How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be


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Table of Contents

 
CALLIDUS SOFTWARE INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Presented in the Income Statement (That Is, Gross versus Net Presentation).” EITF 06-3 addresses the income statement presentation of taxes assessed by various governmental authorities. EITF 06-3 is effective for interim and annual reporting periods beginning after December 15, 2006. The Company is currently evaluating the effect that the adoption of EITF 06-3 will have on its consolidated financial statements but does not expect the effect to be material.
 
In June 2006, the FASB issued Interpretation No. 48 (FIN No. 48), “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, “Accounting for Income Taxes.” This interpretation prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN No. 48 is effective for fiscal years beginning after December 15, 2006. The Company is currently evaluating the effect that the adoption of FIN No. 48 will have on its consolidated financial statements but does not expect the effect to be material.
 
In September 2006, the FASB issued FASB Statement No. 157, “Fair Value Measurements” (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that require or permit fair value measurements, as the FASB had previously concluded in those accounting pronouncements that fair value is the relevant measurement attribute. Accordingly, SFAS 157 does not require any new fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007. The Company will adopt the new accounting provisions as of January 1, 2008. The Company is currently evaluating the effect that the adoption of SFAS 157 will have on its consolidated financial statements but does not expect the effect to be material.
 
In October 2006, the FASB issued FASB Staff Position (FSP) FAS 123(R)-6, “Technical Corrections of FASB Statement No. 123(R).” FSP FAS 123(R)-6 addresses certain technical corrections of FASB Statement No. 123 (revised 2004), “Share-Based Payment.” FSP FAS 123(R)-6 is effective for the first reporting period beginning after the date the FSP is posted to the FASB website. The Company does not expect the adoption of FSP FAS 123(R)-6 to have a material impact on its consolidated statements.
 
In February 2007, the FASB issued FASB Statement No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities — Including an amendment of FASB Statement No. 115” (SFAS 159). SFAS 159 permits the Company to choose to measure many financial instruments and certain other items at fair value. SFAS 159 is effective as of the beginning of the first fiscal year that begins after November 15, 2007. The Company will adopt the new accounting provisions as of January 1, 2008. The Company is currently evaluating the effect that the adoption of SFAS 159 will have on its consolidated financial statements but does not expect the effect to be material.
 
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