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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Recently
Issued Accounting Standards Not Yet Adopted
In December 2007, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards No. 141(R), Business Combinations, which
replaces Statement No. 141. Statement No. 141(R)
retains the fundamental requirements of Statement No. 141
that an acquirer be identified and the acquisition method of
accounting (previously called the purchase method) be used for
all business combinations. Statement No. 141(R)’s
scope is broader than that of Statement No. 141, which
applied only to business combinations in which control was
obtained by transferring consideration. By applying the
acquisition method to all transactions and other events in which
one entity obtains control over one or more other businesses,
Statement No. 141(R) improves the comparability of the
information about business combinations provided in financial
reports. Statement No. 141(R) establishes principles and
requirements for how an acquirer recognizes and measures
identifiable assets acquired, liabilities assumed and any
noncontrolling interest in the acquiree, as well as any
resulting goodwill. Statement No. 141(R) applies
prospectively to business combinations for which the acquisition
date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. We will
evaluate how the new requirements of Statement No. 141(R)
would impact any business combinations completed in 2009 or
thereafter.
In December 2007, the FASB also issued Statement of Financial
Accounting Standards No. 160, Noncontrolling Interests
in Consolidated Financial Statements — an amendment of
Accounting Research Bulletin No. 51. A
noncontrolling interest, sometimes called a minority interest,
is the portion of equity in a subsidiary not attributable,
directly or indirectly, to a parent. Statement No. 160
establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. Under Statement No. 160,
noncontrolling interests in a subsidiary must be reported as a
component of
Table of Contents
consolidated equity separate from the parent’s equity.
Additionally, the amounts of consolidated net income
attributable to both the parent and the noncontrolling interest
must be reported separately on the face of the income statement.
Statement No. 160 is effective for fiscal years beginning
on or after December 15, 2008 and earlier adoption is
prohibited. The adoption of Statement No. 160 will not have
a material impact on our financial statements and related
disclosures.
In December 2008, the FASB issued Staff Position
No. FAS 132(R)-1, Employers’ Disclosures about
Postretirement Benefit Plan Assets. Staff Position 132(R)-1
amends FASB Statement No. 132 (revised 2003),
Employers’ Disclosures about Pensions and Other
Postretirement Benefits, to require additional disclosures
about the types of assets and associated risks in an
employer’s defined benefit pension or other postretirement
plan. Staff Position 132(R)-1 is effective for fiscal years
ending after December 15, 2009. We are evaluating the
impact the adoption of Staff Position 132(R)-1 will have on our
financial statement disclosures. However, our adoption of Staff
Position 132(R)-1 will not affect our current accounting for our
pension and postretirement plans.
Recently
Issued Accounting Standards Not Yet Adopted
In December 2007, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards No. 141(R), Business Combinations, which
replaces Statement No. 141. Statement No. 141(R)
retains the fundamental requirements of Statement No. 141
that an acquirer be identified and the acquisition method of
accounting (previously called the purchase method) be used for
all business combinations. Statement No. 141(R)’s
scope is broader than that of Statement No. 141, which
applied only to business combinations in which control was
obtained by transferring consideration. By applying the
acquisition method to all transactions and other events in which
one entity obtains control over one or more other businesses,
Statement No. 141(R) improves the comparability of the
information about business combinations provided in financial
reports. Statement No. 141(R) establishes principles and
requirements for how an acquirer recognizes and measures
identifiable assets acquired, liabilities assumed and any
noncontrolling interest in the acquiree, as well as any
resulting goodwill. Statement No. 141(R) applies
prospectively to business combinations for which the acquisition
date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. We will
evaluate how the new requirements of Statement No. 141(R)
would impact any business combinations completed in 2009 or
thereafter.
In December 2007, the FASB also issued Statement of Financial
Accounting Standards No. 160, Noncontrolling Interests
in Consolidated Financial Statements — an amendment of
Accounting Research Bulletin No. 51. A
noncontrolling interest, sometimes called a minority interest,
is the portion of equity in a subsidiary not attributable,
directly or indirectly, to a parent. Statement No. 160
establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. Under Statement No. 160,
noncontrolling interests in a subsidiary must be reported as a
component of
Table of Contents
consolidated equity separate from the parent’s equity.
Additionally, the amounts of consolidated net income
attributable to both the parent and the noncontrolling interest
must be reported separately on the face of the income statement.
Statement No. 160 is effective for fiscal years beginning
on or after December 15, 2008 and earlier adoption is
prohibited. The adoption of Statement No. 160 will not have
a material impact on our financial statements and related
disclosures.
In December 2008, the FASB issued Staff Position
No. FAS 132(R)-1, Employers’ Disclosures about
Postretirement Benefit Plan Assets. Staff Position 132(R)-1
amends FASB Statement No. 132 (revised 2003),
Employers’ Disclosures about Pensions and Other
Postretirement Benefits, to require additional disclosures
about the types of assets and associated risks in an
employer’s defined benefit pension or other postretirement
plan. Staff Position 132(R)-1 is effective for fiscal years
ending after December 15, 2009. We are evaluating the
impact the adoption of Staff Position 132(R)-1 will have on our
financial statement disclosures. However, our adoption of Staff
Position 132(R)-1 will not affect our current accounting for our
pension and postretirement plans.
Recently Issued Accounting Standards Not Yet Adopted In December 2007, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 141(R), Business Combinations, which replaces Statement No. 141. Statement No. 141(R) retains the fundamental requirements of Statement No. 141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Statement No. 141(R)’s scope is broader than that of Statement No. 141, which applied only to business combinations in which control was obtained by transferring consideration. By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No. 141(R) improves the comparability of the information about business combinations provided in financial reports. Statement No. 141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill. Statement No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. We will evaluate how the new requirements of Statement No. 141(R) would impact any business combinations completed in 2009 or thereafter. In December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of Accounting Research Bulletin No. 51. A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Statement No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Under Statement No. 160, noncontrolling interests in a subsidiary must be reported as a component of
Table of Contentsconsolidated equity separate from the parent’s equity. Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement. Statement No. 160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. The adoption of Statement No. 160 will not have a material impact on our financial statements and related disclosures. In December 2008, the FASB issued Staff Position No. FAS 132(R)-1, Employers’ Disclosures about Postretirement Benefit Plan Assets. Staff Position 132(R)-1 amends FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to require additional disclosures about the types of assets and associated risks in an employer’s defined benefit pension or other postretirement plan. Staff Position 132(R)-1 is effective for fiscal years ending after December 15, 2009. We are evaluating the impact the adoption of Staff Position 132(R)-1 will have on our financial statement disclosures. However, our adoption of Staff Position 132(R)-1 will not affect our current accounting for our pension and postretirement plans. Recently Issued Accounting Standards Not Yet Adopted In December 2007, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 141(R), Business Combinations, which replaces Statement No. 141. Statement No. 141(R) retains the fundamental requirements of Statement No. 141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Statement No. 141(R)’s scope is broader than that of Statement No. 141, which applied only to business combinations in which control was obtained by transferring consideration. By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No. 141(R) improves the comparability of the information about business combinations provided in financial reports. Statement No. 141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill. Statement No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. We will evaluate how the new requirements of Statement No. 141(R) would impact any business combinations completed in 2009 or thereafter. In December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of Accounting Research Bulletin No. 51. A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Statement No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Under Statement No. 160, noncontrolling interests in a subsidiary must be reported as a component of
Table of Contentsconsolidated equity separate from the parent’s equity. Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement. Statement No. 160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. The adoption of Statement No. 160 will not have a material impact on our financial statements and related disclosures. In December 2008, the FASB issued Staff Position No. FAS 132(R)-1, Employers’ Disclosures about Postretirement Benefit Plan Assets. Staff Position 132(R)-1 amends FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to require additional disclosures about the types of assets and associated risks in an employer’s defined benefit pension or other postretirement plan. Staff Position 132(R)-1 is effective for fiscal years ending after December 15, 2009. We are evaluating the impact the adoption of Staff Position 132(R)-1 will have on our financial statement disclosures. However, our adoption of Staff Position 132(R)-1 will not affect our current accounting for our pension and postretirement plans. Recently
Issued Accounting Standards Not Yet Adopted
In December 2007, the FASB issued Statement of Financial
Accounting Standards No. 141(R), Business
Combinations, which replaces Statement No. 141.
Statement No. 141(R) retains the fundamental requirements
of Statement No. 141 that an acquirer be identified and the
acquisition method of accounting (previously called the purchase
method) be used for all business combinations. Statement
No. 141(R)’s scope is broader than that of Statement
No. 141, which applied only to business combinations in
which control was obtained by transferring consideration. By
applying the acquisition method to all transactions and other
events in which one entity obtains control over one or more
other businesses, Statement No. 141(R) improves the
comparability of the information about business combinations
provided in financial reports. Statement No. 141(R)
establishes principles and requirements for how an acquirer
recognizes and measures identifiable assets
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
acquired, liabilities assumed and any noncontrolling interest in
the acquiree, as well as any resulting goodwill. Statement
No. 141(R) applies prospectively to business combinations
for which the acquisition date is on or after the beginning of
the first annual reporting period beginning on or after
December 15, 2008. Devon will evaluate how the new
requirements of Statement No. 141(R) would impact any
business combinations completed in 2009 or thereafter.
In December 2007, the FASB also issued Statement of Financial
Accounting Standards No. 160, Noncontrolling Interests
in Consolidated Financial Statements — an amendment of
Accounting Research Bulletin No. 51. A
noncontrolling interest, sometimes called a minority interest,
is the portion of equity in a subsidiary not attributable,
directly or indirectly, to a parent. Statement No. 160
establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. Under Statement No. 160,
noncontrolling interests in a subsidiary must be reported as a
component of consolidated equity separate from the parent’s
equity. Additionally, the amounts of consolidated net income
attributable to both the parent and the noncontrolling interest
must be reported separately on the face of the income statement.
Statement No. 160 is effective for fiscal years beginning
on or after December 15, 2008 and earlier adoption is
prohibited. The adoption of Statement No. 160 will not have
a material impact on Devon’s financial statements and
related disclosures.
In December 2008, the FASB issued Staff Position
No. FAS 132(R)-1, Employers’ Disclosures about
Postretirement Benefit Plan Assets. Staff Position 132(R)-1
amends FASB Statement No. 132 (revised 2003),
Employers’ Disclosures about Pensions and Other
Postretirement Benefits, to require additional disclosures
about the types of assets and associated risks in an
employer’s defined benefit pension or other postretirement
plan. Staff Position 132(R)-1 is effective for fiscal years
ending after December 15, 2009. Devon is evaluating the
impact the adoption of Staff Position 132(R)-1 will have on its
financial statement disclosures. However, Devon’s adoption
of Staff Position 132(R)-1 will not affect its current
accounting for its pension and postretirement plans.
Recently
Issued Accounting Standards Not Yet Adopted
In December 2007, the FASB issued Statement of Financial
Accounting Standards No. 141(R), Business
Combinations, which replaces Statement No. 141.
Statement No. 141(R) retains the fundamental requirements
of Statement No. 141 that an acquirer be identified and the
acquisition method of accounting (previously called the purchase
method) be used for all business combinations. Statement
No. 141(R)’s scope is broader than that of Statement
No. 141, which applied only to business combinations in
which control was obtained by transferring consideration. By
applying the acquisition method to all transactions and other
events in which one entity obtains control over one or more
other businesses, Statement No. 141(R) improves the
comparability of the information about business combinations
provided in financial reports. Statement No. 141(R)
establishes principles and requirements for how an acquirer
recognizes and measures identifiable assets
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
acquired, liabilities assumed and any noncontrolling interest in
the acquiree, as well as any resulting goodwill. Statement
No. 141(R) applies prospectively to business combinations
for which the acquisition date is on or after the beginning of
the first annual reporting period beginning on or after
December 15, 2008. Devon will evaluate how the new
requirements of Statement No. 141(R) would impact any
business combinations completed in 2009 or thereafter.
In December 2007, the FASB also issued Statement of Financial
Accounting Standards No. 160, Noncontrolling Interests
in Consolidated Financial Statements — an amendment of
Accounting Research Bulletin No. 51. A
noncontrolling interest, sometimes called a minority interest,
is the portion of equity in a subsidiary not attributable,
directly or indirectly, to a parent. Statement No. 160
establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. Under Statement No. 160,
noncontrolling interests in a subsidiary must be reported as a
component of consolidated equity separate from the parent’s
equity. Additionally, the amounts of consolidated net income
attributable to both the parent and the noncontrolling interest
must be reported separately on the face of the income statement.
Statement No. 160 is effective for fiscal years beginning
on or after December 15, 2008 and earlier adoption is
prohibited. The adoption of Statement No. 160 will not have
a material impact on Devon’s financial statements and
related disclosures.
In December 2008, the FASB issued Staff Position
No. FAS 132(R)-1, Employers’ Disclosures about
Postretirement Benefit Plan Assets. Staff Position 132(R)-1
amends FASB Statement No. 132 (revised 2003),
Employers’ Disclosures about Pensions and Other
Postretirement Benefits, to require additional disclosures
about the types of assets and associated risks in an
employer’s defined benefit pension or other postretirement
plan. Staff Position 132(R)-1 is effective for fiscal years
ending after December 15, 2009. Devon is evaluating the
impact the adoption of Staff Position 132(R)-1 will have on its
financial statement disclosures. However, Devon’s adoption
of Staff Position 132(R)-1 will not affect its current
accounting for its pension and postretirement plans.
Recently Issued Accounting Standards Not Yet Adopted In December 2007, the FASB issued Statement of Financial Accounting Standards No. 141(R), Business Combinations, which replaces Statement No. 141. Statement No. 141(R) retains the fundamental requirements of Statement No. 141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Statement No. 141(R)’s scope is broader than that of Statement No. 141, which applied only to business combinations in which control was obtained by transferring consideration. By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No. 141(R) improves the comparability of the information about business combinations provided in financial reports. Statement No. 141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill. Statement No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. Devon will evaluate how the new requirements of Statement No. 141(R) would impact any business combinations completed in 2009 or thereafter. In December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of Accounting Research Bulletin No. 51. A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Statement No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Under Statement No. 160, noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent’s equity. Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement. Statement No. 160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. The adoption of Statement No. 160 will not have a material impact on Devon’s financial statements and related disclosures. In December 2008, the FASB issued Staff Position No. FAS 132(R)-1, Employers’ Disclosures about Postretirement Benefit Plan Assets. Staff Position 132(R)-1 amends FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to require additional disclosures about the types of assets and associated risks in an employer’s defined benefit pension or other postretirement plan. Staff Position 132(R)-1 is effective for fiscal years ending after December 15, 2009. Devon is evaluating the impact the adoption of Staff Position 132(R)-1 will have on its financial statement disclosures. However, Devon’s adoption of Staff Position 132(R)-1 will not affect its current accounting for its pension and postretirement plans. Recently Issued Accounting Standards Not Yet Adopted In December 2007, the FASB issued Statement of Financial Accounting Standards No. 141(R), Business Combinations, which replaces Statement No. 141. Statement No. 141(R) retains the fundamental requirements of Statement No. 141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Statement No. 141(R)’s scope is broader than that of Statement No. 141, which applied only to business combinations in which control was obtained by transferring consideration. By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No. 141(R) improves the comparability of the information about business combinations provided in financial reports. Statement No. 141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill. Statement No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. Devon will evaluate how the new requirements of Statement No. 141(R) would impact any business combinations completed in 2009 or thereafter. In December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of Accounting Research Bulletin No. 51. A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Statement No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Under Statement No. 160, noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent’s equity. Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement. Statement No. 160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. The adoption of Statement No. 160 will not have a material impact on Devon’s financial statements and related disclosures. In December 2008, the FASB issued Staff Position No. FAS 132(R)-1, Employers’ Disclosures about Postretirement Benefit Plan Assets. Staff Position 132(R)-1 amends FASB Statement No. 132 (revised 2003), Employers’ Disclosures about Pensions and Other Postretirement Benefits, to require additional disclosures about the types of assets and associated risks in an employer’s defined benefit pension or other postretirement plan. Staff Position 132(R)-1 is effective for fiscal years ending after December 15, 2009. Devon is evaluating the impact the adoption of Staff Position 132(R)-1 will have on its financial statement disclosures. However, Devon’s adoption of Staff Position 132(R)-1 will not affect its current accounting for its pension and postretirement plans. These excerpts taken from the DVN 10-K filed Jun 9, 2008. Recently
Issued Accounting Standards Not Yet Adopted
In December 2007, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards No. 141(R), Business Combinations, which
replaces Statement No. 141. Statement No. 141(R)
retains the fundamental requirements of Statement No. 141
that an acquirer be identified and the acquisition method of
accounting (previously called the purchase method) be used for
all business combinations. Statement No. 141(R)’s
scope is broader than that of Statement No. 141, which
applied only to business combinations in which control was
obtained by transferring consideration. By applying the
acquisition method to all transactions and other events in which
one entity obtains control over one or more other businesses,
Statement No. 141(R) improves the comparability of the
information about business combinations provided in financial
reports. Statement No. 141(R) establishes principles and
requirements for how an acquirer recognizes and measures
identifiable assets acquired, liabilities assumed and any
noncontrolling interest in the acquiree, as well as any
resulting goodwill. Statement No. 141(R) applies
prospectively to business combinations for which the acquisition
date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. We will
evaluate how the new requirements of Statement No. 141(R)
would impact any business combinations completed in 2009 or
thereafter.
Table of Contents
In December 2007, the FASB also issued Statement of Financial
Accounting Standards No. 160, Noncontrolling Interests
in Consolidated Financial Statements — an amendment of
Accounting Research Bulletin No. 51. A
noncontrolling interest, sometimes called a minority interest,
is the portion of equity in a subsidiary not attributable,
directly or indirectly, to a parent. Statement No. 160
establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. Under Statement No. 160,
noncontrolling interests in a subsidiary must be reported as a
component of consolidated equity separate from the parent’s
equity. Additionally, the amounts of consolidated net income
attributable to both the parent and the noncontrolling interest
must be reported separately on the face of the income statement.
Statement No. 160 is effective for fiscal years beginning
on or after December 15, 2008 and earlier adoption is
prohibited. We do not expect the adoption of Statement
No. 160 to have a material impact on our financial
statements and related disclosures.
Recently Issued Accounting Standards Not Yet Adopted In December 2007, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 141(R), Business Combinations, which replaces Statement No. 141. Statement No. 141(R) retains the fundamental requirements of Statement No. 141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Statement No. 141(R)’s scope is broader than that of Statement No. 141, which applied only to business combinations in which control was obtained by transferring consideration. By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No. 141(R) improves the comparability of the information about business combinations provided in financial reports. Statement No. 141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill. Statement No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. We will evaluate how the new requirements of Statement No. 141(R) would impact any business combinations completed in 2009 or thereafter.
Table of ContentsIn December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of Accounting Research Bulletin No. 51. A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Statement No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Under Statement No. 160, noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent’s equity. Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement. Statement No. 160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. We do not expect the adoption of Statement No. 160 to have a material impact on our financial statements and related disclosures. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Recently
Issued Accounting Standards Not Yet Adopted
In December 2007, the Financial Accounting Standards Board
(“FASB”) issued Statement of Financial Accounting
Standards No. 141(R), Business Combinations, which
replaces Statement No. 141. Statement No. 141(R)
retains the fundamental requirements of Statement No. 141
that an acquirer be identified and the acquisition method of
accounting (previously called the purchase method) be used for
all business combinations. Statement No. 141(R)’s
scope is broader than that of Statement No. 141, which
applied only to business combinations in which control was
obtained by transferring consideration. By applying the
acquisition method to all transactions and other events in which
one entity obtains control over one or more other businesses,
Statement No. 141(R) improves the comparability of the
information about business combinations provided in financial
reports. Statement No. 141(R) establishes principles and
requirements for how an acquirer recognizes and measures
identifiable assets acquired, liabilities assumed and any
noncontrolling interest in the acquiree, as well as any
resulting goodwill. Statement No. 141(R) applies
prospectively to business combinations for which the acquisition
date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. We will
evaluate how the new requirements of Statement No. 141(R)
would impact any business combinations completed in 2009 or
thereafter.
Table of Contents
In December 2007, the FASB also issued Statement of Financial
Accounting Standards No. 160, Noncontrolling Interests
in Consolidated Financial Statements — an amendment of
Accounting Research Bulletin No. 51. A
noncontrolling interest, sometimes called a minority interest,
is the portion of equity in a subsidiary not attributable,
directly or indirectly, to a parent. Statement No. 160
establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the
deconsolidation of a subsidiary. Under Statement No. 160,
noncontrolling interests in a subsidiary must be reported as a
component of consolidated equity separate from the parent’s
equity. Additionally, the amounts of consolidated net income
attributable to both the parent and the noncontrolling interest
must be reported separately on the face of the income statement.
Statement No. 160 is effective for fiscal years beginning
on or after December 15, 2008 and earlier adoption is
prohibited. We do not expect the adoption of Statement
No. 160 to have a material impact on our financial
statements and related disclosures.
Recently Issued Accounting Standards Not Yet Adopted In December 2007, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 141(R), Business Combinations, which replaces Statement No. 141. Statement No. 141(R) retains the fundamental requirements of Statement No. 141 that an acquirer be identified and the acquisition method of accounting (previously called the purchase method) be used for all business combinations. Statement No. 141(R)’s scope is broader than that of Statement No. 141, which applied only to business combinations in which control was obtained by transferring consideration. By applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses, Statement No. 141(R) improves the comparability of the information about business combinations provided in financial reports. Statement No. 141(R) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree, as well as any resulting goodwill. Statement No. 141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. We will evaluate how the new requirements of Statement No. 141(R) would impact any business combinations completed in 2009 or thereafter.
Table of ContentsIn December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements — an amendment of Accounting Research Bulletin No. 51. A noncontrolling interest, sometimes called a minority interest, is the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Statement No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Under Statement No. 160, noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent’s equity. Additionally, the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement. Statement No. 160 is effective for fiscal years beginning on or after December 15, 2008 and earlier adoption is prohibited. We do not expect the adoption of Statement No. 160 to have a material impact on our financial statements and related disclosures. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Recently
Issued Accounting Standards Not Yet Adopted
In June 2006, the Financial Accounting Standards Board
(“FASB”) issued FASB Interpretation No. 48,
Accounting for Uncertainty in Income Taxes — an
interpretation of FASB Statement No. 109.
Interpretation No. 48 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 is effective for fiscal years beginning after
December 15, 2006, and we will adopt it in the first
quarter of 2007. We do not expect the adoption of Interpretation
No. 48 to have a material impact on our financial
statements and related disclosures.
In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value
Measurements. Statement No. 157 provides a common
definition of fair value, establishes a framework for measuring
fair value and expands disclosures about fair value
measurements. However, this Statement does not require any new
fair value measurements. Statement No. 157 is effective for
fiscal years beginning after November 15, 2007. We are
currently assessing the effect, if any, the adoption of
Statement No. 157 will have on our financial statements and
related disclosures.
In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 158, Employers’ Accounting
for Defined Benefit Pension and Other Postretirement
Plans — an amendment of FASB Statements No. 87,
88, 106, and 132(R). Statement No. 158 requires the
recognition of the overfunded or underfunded status of a defined
benefit postretirement plan in the balance sheet. We adopted
this recognition requirement
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as of December 31, 2006. The effects of this adoption are
summarized in Note 6 of the accompanying consolidated
financial statements. Statement No. 158 also requires the
measurement of plan assets and benefit obligations as of the
date of the employer’s fiscal year-end. The Statement
provides two alternatives to transition to a fiscal year-end
measurement date. This measurement requirement is effective for
fiscal years ending after December 15, 2008. We have not
yet adopted this measurement requirement, but we do not expect
such adoption to have a material effect on our results of
operations, financial condition, liquidity or compliance with
debt covenants.
In February 2007, the FASB issued Statement of Financial
Accounting Standards No. 159, The Fair Value Option for
Financial Assets and Financial Liabilities — Including
an Amendment of FASB Statement No. 115. Statement
No. 159 permits entities to choose to measure certain
financial instruments and other items at fair value. The
objective is to improve financial reporting by providing
entities with the opportunity to mitigate volatility in reported
earnings caused by measuring related assets and liabilities
differently without having to apply complex hedge accounting
provisions. Unrealized gains and losses on any items for which
we elect the fair value measurement option would be reported in
earnings. Statement No. 159 is effective for fiscal years
beginning after November 15, 2007. However, early adoption
is permitted for fiscal years beginning on or before
November 15, 2007, provided we also elect to apply the
provisions of Statement No. 157, Fair Value
Measurements, at the same time. We are currently assessing
the effect, if any, the adoption of Statement No. 159 will
have on our financial statements and related disclosures.
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