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LLY » Topics » Background

These excerpts taken from the LLY 10-K filed Oct 21, 2008.
Background
 
During the second quarter of 2008, we determined that our methodology for calculating our return reserve for future product returns in accordance with Statement of Financial Accounting Standard No. 48 (SFAS 48), Revenue Recognition When Right of Return Exists, needed to be corrected. Using the revised methodology, our return reserve was understated by $247.5 million as of December 31, 2007, 2006, 2005, 2004 and 2003.
 
Background


 



During the second quarter of 2008, we determined that our
methodology for calculating our return reserve for future
product returns in accordance with Statement of Financial
Accounting Standard No. 48 (SFAS 48), Revenue
Recognition When Right of Return Exists, needed to be corrected.
Using the revised methodology, our return reserve was
understated by $247.5 million as of December 31, 2007,
2006, 2005, 2004 and 2003.


 




EXCERPTS ON THIS PAGE:

10-K (2 sections)
Oct 21, 2008

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