GMTN » Topics » FIN 48

This excerpt taken from the GMTN 10-K filed Apr 19, 2007.
FIN 48In June 2006, the Financial Accounting Standards Board issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. FIN 48 clarifies the accounting for uncertainty in income taxes by prescribing a recognition threshold for tax positions taken or expected to be taken in a tax return. FIN 48 is effective for fiscal years beginning after December 15, 2006. The Company does not believe the adoption of FIN 48 will have a material impact on net earnings, cash flows or financial position.

This excerpt taken from the GMTN 10-K filed Apr 13, 2006.

FIN 47

In March 2005, the FASB issued Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations—an Interpretation of FASB Statement No. 143 (“FIN 47”). FIN 47 clarifies the term conditional asset retirement obligation and requires a liability to be recorded if the fair value of the obligation can be reasonably estimated. The types of asset retirement obligations that are covered by FIN 47 are those for which an entity has a legal obligation to perform an asset retirement activity; however, the timing and/or method of settling the obligation are conditional on a future event that may or may not be within the control of the entity. FIN 47 also clarifies when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation. Our adoption of FIN 47 in the fourth quarter of fiscal 2005 did not have a material impact on our net earnings, cash flows or financial position.

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This excerpt taken from the GMTN 10-K filed Apr 29, 2005.

FIN 46

 

In January 2003, the FASB issued FIN 46, Consolidation of Variable Interest Entities, which requires the consolidation of and disclosures about variable interest entities, or VIEs.  VIEs are entities for which control is achieved through means other than voting rights.  FIN 46 has not had, and is not expected to have, a material impact on our financial position or results of operations.

 

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