EURX » Topics » Recent Accounting Developments

This excerpt taken from the EURX 20-F filed Mar 31, 2009.
Recent Accounting Developments
 
We review new accounting pronouncements and assess the likely outcome of adoption. For details, refer to Note 2 in the accompanying consolidated financial statements.


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This excerpt taken from the EURX 6-K filed May 14, 2008.
Recent Accounting Developments
 
On January 1, 2007, the Company adopted the provisions of SFAS No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans. The adoption of SFAS No. 158 did not have a material impact on the Company’s results of operations or financial position.
 
In September 2006, the Financial Accounting Standards Board issued Statement SFAS No. 157, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. SFAS No. 157 will be effective for fiscal years beginning after November 15, 2007. As such, the Company would be required to implement this standard no later than January 1, 2008. The adoption of SFAS No. 157 did not have a material impact on the Company’s results of operations or financial position.
 
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Liabilities including an Amendment of FASB Statement No. 115. SFAS No. 159 provides an option for valuing many financial instruments and certain other items at fair value. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. The Company expects the adoption of SFAS No. 159 to have an immaterial impact on the Company’s results of operations or financial position.
 
On September 14, 2007, the Emerging Issues Task Force (EITF) affirmed its tentative conclusions on EITF 07-3, Accounting for Advance Payments for Goods or Services to be Used in Future Research and Development Activities. EITF 07-3 will be effective for agreements entered into in fiscal years beginning after December 15, 2007. As such, the Company would be required to implement this standard no later than January 1, 2008. The Company does not anticipate a material impact from its adoption. On November 29, 2007 the EITF adopted EITF 07-1: Accounting for Collaborative Arrangements Related to the Development and Commercialization of Intellectual Property. EITF 07-1 is effective for fiscal years beginning after December 15, 2008. The Company is currently evaluating the potential impact of adopting EITF 07-1 on its consolidated financial statements.


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EURAND N.V.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
3.   Business Acquisitions
 
This excerpt taken from the EURX 20-F filed Mar 31, 2008.
Recent Accounting Developments
 
On January 1, 2007, the Company adopted the provisions of SFAS No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans. The adoption of SFAS No. 158 did not have a material impact on the Company’s results of operations or financial position.
 
In September 2006, the Financial Accounting Standards Board issued Statement SFAS No. 157, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value under GAAP and expands disclosures about fair value measurements. SFAS No. 157 will be effective for fiscal years beginning after November 15, 2007. As such, the Company would be required to implement this standard no later than January 1, 2008. The adoption of SFAS No. 157 did not have a material impact on the Company’s results of operations or financial position.
 
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Liabilities including an Amendment of FASB Statement No. 115. SFAS No. 159 provides an option for valuing many financial instruments and certain other items at fair value. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. The Company expects the adoption of SFAS No. 159 to have an immaterial impact on the Company’s results of operations or financial position.
 
On September 14, 2007, the Emerging Issues Task Force (EITF) affirmed its tentative conclusions on EITF 07-3, Accounting for Advance Payments for Goods or Services to be Used in Future Research and Development Activities. EITF 07-3 will be effective for agreements entered into in fiscal years beginning after December 15, 2007. As such, the Company would be required to implement this standard no later than January 1, 2008. The Company does not anticipate a material impact from its adoption. On November 29, 2007 the EITF adopted EITF 07-1: Accounting for Collaborative Arrangements Related to the Development and Commercialization of Intellectual Property. EITF 07-1 is effective for fiscal years beginning after December 15, 2008. The Company is currently evaluating the potential impact of adopting EITF 07-1 on its consolidated financial statements.


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Table of Contents

 
EURAND N.V.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
3.   Business Acquisitions
 
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