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These excerpts taken from the GIS 10-K filed Jul 11, 2008. Other New Accounting
Standards In fiscal 2008, we adopted Staff
Accounting Bulletin No. 108, “Considering the
Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements”
(SAB 108). SAB 108 provides interpretive guidance on
the process and diversity in practice of quantifying financial
statement misstatements resulting in the potential carryover of
improper amounts on the balance sheet. The SEC believes that
registrants should quantify errors using both a balance sheet
and income statement approach and evaluate whether either
approach results in quantifying a misstatement that, when all
relevant quantitative and qualitative factors are considered, is
material. The adoption of SAB 108 did not have a material
impact on our results of operations or financial condition.
Also in fiscal 2008, we adopted SFAS No. 155,
“Hybrid Instruments” (SFAS 155). SFAS 155
amends SFAS No. 133 “Accounting for Derivative
Instruments and Hedging Activities” and
SFAS No. 140, “Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of
Liabilities.” SFAS 155 is effective for all financial
instruments acquired or issued after May 27, 2007. The
adoption of SFAS 155 did not have any impact on our results
of operations or financial condition.
In September 2006, the Financial Accounting Standards Board
(FASB) ratified the consensus of Emerging Issues Task Force
Issue
No. 06-5,
“Accounting for Purchases of Life Insurance-Determining the
Amount That Could Be Realized in Accordance with FASB Technical
Bulletin No. 85-4”
(EITF 06-5).
EITF 06-5
requires that a policyholder consider any additional amounts
included in the contractual terms of the policy in determining
the amount that could be realized under the insurance contract
on a policy by policy basis. We adopted
EITF 06-5
in fiscal 2008, and it did not have any impact on our results of
operations or financial condition.
In June 2006, the FASB ratified the consensus of Emerging Issues
Task Force Issue
No. 06-3,
“How Taxes Collected from Customers and Remitted to
Governmental Authorities Should Be Presented in the Income
Statement (That Is, Gross versus Net Presentation)”
(EITF 06-3).
EITF 06-3
concluded that the presentation of taxes imposed on
revenue-producing transactions (sales, use, value added, and
excise taxes) on either a gross (included in revenues and costs)
or a net (excluded from revenues) basis is an accounting policy
that should be disclosed. We adopted
EITF 06-3
in fiscal 2007, and it did not have any impact on our results of
operations or financial condition.
Table of Contents
In fiscal 2007, we adopted SFAS No. 151,
“Inventory Costs – An Amendment of ARB
No. 43, Chapter 4” (SFAS 151). SFAS 151
clarifies the accounting for abnormal amounts of idle facility
expense, freight, handling costs, and wasted material
(spoilage). The adoption of SFAS 151 did not have any
impact on our results of operations or financial condition.
In fiscal 2006, we adopted SFAS No. 153,
“Exchanges of Nonmonetary Assets – An Amendment
of APB Opinion No. 29” (SFAS 153). SFAS 153
eliminates the exception from fair value measurement for
nonmonetary exchanges of similar productive assets and replaces
it with an exception for exchanges that do not have commercial
substance. The adoption of SFAS 153 did not have any impact
on our results of operations or financial condition.
In March 2005, the FASB issued FASB Interpretation No. (FIN) 47,
“Accounting for Conditional Asset Retirement
Obligations” (FIN 47). FIN 47 requires that
liabilities be recognized for the fair value of a legal
obligation to perform asset retirement activities that are
conditional on a future event if the amount can be reasonably
estimated. We adopted FIN 47 in fiscal 2006, and it did not
have a material impact on our results of operations or financial
condition.
Other New Accounting Standards In fiscal 2008, we adopted Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” (SAB 108). SAB 108 provides interpretive guidance on the process and diversity in practice of quantifying financial statement misstatements resulting in the potential carryover of improper amounts on the balance sheet. The SEC believes that registrants should quantify errors using both a balance sheet and income statement approach and evaluate whether either approach results in quantifying a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. The adoption of SAB 108 did not have a material impact on our results of operations or financial condition. Also in fiscal 2008, we adopted SFAS No. 155, “Hybrid Instruments” (SFAS 155). SFAS 155 amends SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities” and SFAS No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.” SFAS 155 is effective for all financial instruments acquired or issued after May 27, 2007. The adoption of SFAS 155 did not have any impact on our results of operations or financial condition. In September 2006, the Financial Accounting Standards Board (FASB) ratified the consensus of Emerging Issues Task Force Issue No. 06-5, “Accounting for Purchases of Life Insurance-Determining the Amount That Could Be Realized in Accordance with FASB Technical Bulletin No. 85-4” (EITF 06-5). EITF 06-5 requires that a policyholder consider any additional amounts included in the contractual terms of the policy in determining the amount that could be realized under the insurance contract on a policy by policy basis. We adopted EITF 06-5 in fiscal 2008, and it did not have any impact on our results of operations or financial condition. In June 2006, the FASB ratified the consensus of Emerging Issues Task Force Issue No. 06-3, “How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation)” (EITF 06-3). EITF 06-3 concluded that the presentation of taxes imposed on revenue-producing transactions (sales, use, value added, and excise taxes) on either a gross (included in revenues and costs) or a net (excluded from revenues) basis is an accounting policy that should be disclosed. We adopted EITF 06-3 in fiscal 2007, and it did not have any impact on our results of operations or financial condition.
Table of ContentsIn fiscal 2007, we adopted SFAS No. 151, “Inventory Costs – An Amendment of ARB No. 43, Chapter 4” (SFAS 151). SFAS 151 clarifies the accounting for abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage). The adoption of SFAS 151 did not have any impact on our results of operations or financial condition. In fiscal 2006, we adopted SFAS No. 153, “Exchanges of Nonmonetary Assets – An Amendment of APB Opinion No. 29” (SFAS 153). SFAS 153 eliminates the exception from fair value measurement for nonmonetary exchanges of similar productive assets and replaces it with an exception for exchanges that do not have commercial substance. The adoption of SFAS 153 did not have any impact on our results of operations or financial condition. In March 2005, the FASB issued FASB Interpretation No. (FIN) 47, “Accounting for Conditional Asset Retirement Obligations” (FIN 47). FIN 47 requires that liabilities be recognized for the fair value of a legal obligation to perform asset retirement activities that are conditional on a future event if the amount can be reasonably estimated. We adopted FIN 47 in fiscal 2006, and it did not have a material impact on our results of operations or financial condition. | EXCERPTS ON THIS PAGE:
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