RDEN » Topics » Fair Value Measurements

These excerpts taken from the RDEN 10-K filed Sep 12, 2008.

Fair Value Measurements

 

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), which defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. In February 2008, the FASB issued Staff Position FSP 157-2 which delayed the effective date of SFAS 157 for those nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value in the financial statements on a recurring basis until fiscal years beginning after November 15, 2008. With respect to financial assets and liabilities, SFAS 157 will be effective for the Company on July 1, 2008. For nonfinancial assets and nonfinancial liabilities, SFAS 157 will be effective for the Company on July 1, 2009. The Company is currently evaluating the impact of SFAS 157 on its consolidated financial statements.

 

Fair Value Measurements

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“SFAS 157”), which
defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. In February 2008, the FASB issued Staff Position FSP 157-2 which
delayed the effective date of SFAS 157 for those nonfinancial assets and nonfinancial liabilities that are not recognized or disclosed at fair value in the financial statements on a recurring basis until fiscal years beginning after
November 15, 2008. With respect to financial assets and liabilities, SFAS 157 will be effective for the Company on July 1, 2008. For nonfinancial assets and nonfinancial liabilities, SFAS 157 will be effective for the Company on
July 1, 2009. The Company is currently evaluating the impact of SFAS 157 on its consolidated financial statements.

 

STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%">The Fair Value Option for Financial Assets and Financial Liabilities

 

In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets
and Financial Liabilities
(“SFAS 159”). SFAS 159 permits

 




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ELIZABETH ARDEN, INC. AND SUBSIDIARIES

STYLE="margin-top:0px;margin-bottom:-6px"> 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 



entities to choose to measure at fair value many financial instruments and certain other items that are not currently required to be measured at fair value.
This option is only available for select financial instruments and is irrevocable once applied. SFAS 159 will be effective for the Company beginning July 1, 2008. The adoption of SFAS 159 will not have a material impact on the Company’s
consolidated financial statements, as the Company does not anticipate using the fair value option.

 

FACE="Times New Roman" SIZE="2">NOTE 5.    Accounts Receivable, Net

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">The following table details the provisions and allowances established for potential losses from uncollectible accounts receivable and estimated sales
returns in the normal course of business:

 






































































































































































































































   Year Ended June 30, 
(Amounts in thousands)  2008  2007  2006 

Allowance for Bad Debt:

    

Beginning balance

  $4,023  $4,278  $4,718 

Provision

   1,402   718   1,929 

Write-offs, net of recoveries

   (923)  (973)  (2,369)
             

Ending balance

  $4,502  $4,023  $4,278 
             

Allowance for Sales Returns:

    

Beginning balance

  $12,126  $9,511  $7,179 

Provision

   51,191   50,126   39,421 

Actual returns

   (51,743)  (47,511)  (37,089)
             

Ending balance

  $11,574  $12,126  $9,511 
             

 

This excerpt taken from the RDEN 10-K filed Sep 10, 2007.

Fair Value Measurements

 

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 will be effective for us on July 1, 2008. The Company is currently evaluating the impact of SFAS 157 on its consolidated financial statements.

 

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