GVHR » Topics » NEW ACCOUNTING PRONOUNCEMENTS

These excerpts taken from the GVHR 10-K filed Mar 16, 2009.

NEW ACCOUNTING PRONOUNCEMENTS

 

See Note 1 of notes to the consolidated financial statements beginning on page F-1 of this report for a discussion of new accounting pronouncements.

 

NEW
ACCOUNTING PRONOUNCEMENTS



 



See Note 1 of
notes to the consolidated financial statements beginning on page F-1 of
this report for a discussion of new accounting pronouncements.



 



NEW
ACCOUNTING PRONOUNCEMENTS



 



See Note 1 of
notes to the consolidated financial statements beginning on page F-1 of
this report for a discussion of new accounting pronouncements.



 



New Accounting Pronouncements

 

 In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities, Including an Amendment of FASB Statement No. 115 (“SFAS 159”). SFAS 159 gave entities the irrevocable option to carry many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option was elected are reported in earnings. SFAS 159 was effective for the Company beginning January 1, 2008. As of the initial adoption, we did not elect the fair value option for any existing eligible items under SFAS 159.

 

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 establishes a framework for the measurement of assets and liabilities that use fair value and expands disclosures about fair value measurements. SFAS 157 applies whenever another US GAAP standard requires (or permits) assets or liabilities to be measured at fair value but did not expand the use of fair value to any new circumstances.  Subsequently, in February 2008, the FASB issued FASB Staff Position (“FSP”) SFAS 157-1, Application of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements that Address Fair Value Measurements for Purpose of Lease Classification or Measurement Under Statement 13 (“FSP 157-1”) and FASB Staff Position SFAS 157-2, Effective Date of FASB Statement No. 157 (“FSP 157-2”). FSP 157-1 excludes FASB Statement No. 13, Accounting for Leases, and its related interpretive accounting pronouncements from the scope of SFAS 157.  FSP 157-2 delays the effective date of SFAS 157 for nonfinancial assets and nonfinancial liabilities, except for items that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually), to fiscal years beginning after November 15, 2008. The Company implemented SFAS 157 on January 1, 2008 with no material impact on its consolidated financial statements. For further information about the fair value measurements of our financial assets and liabilities, see Note 3. The Company is currently evaluating the potential impact of SFAS 157 for nonfinancial assets and nonfinancial liabilities on its financial position and results of operations.

 

F-11



Table of Contents

 

In October 2008, the FASB issued FASB Staff Position SFAS No. 157-3, Determining the Fair Value of a Financial Asset When the Market For That Asset Is Not Active (FSP 157-3), with an immediate effective date, including prior periods for which financial statements have not been issued.  FSP 157-3 amends SFAS No. 157 (as described below) to clarify the application of fair value in inactive markets and allows for the use of management’s internal assumptions about future cash flows with appropriately risk-adjusted discount rates when relevant observable market data does not exist.  The objective of SFAS No. 157 has not changed and continues to be the determination of the price that would be received in an orderly transaction that is not a forced liquidation or distressed sale at the measurement date.  The adoption of FSP 157-3 in the fourth quarter did not have a material effect on the Company’s consolidated financial statements.

 

In April 2008, the FASB issued FASB Staff Position SFAS No. 142-3, Determination of the Useful Life of Intangible Assets (“FSP 142-3”). FSP 142-3 amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under SFAS No. 142, Goodwill and Other Intangible Assets. The intent of this FSP is to improve the consistency between the useful life of a recognized intangible asset and the period of expected cash flows used to measure the fair value of the asset under SFAS No. 141 (revised 2007), Business Combinations, and other US GAAP. FSP 142-3 is effective for the Company on January 1, 2009. The Company does not expect the adoption of FSP 142-3 to have a material impact on the Company’s consolidated financial statements.

 

In December 2007, the FASB issued FASB Statement No. 141 (revised 2007), Business Combinations (“SFAS 141R”), which will become effective for business combination transactions having an acquisition date on or after January 1, 2009.  This standard requires the acquiring entity in a business combination to recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date to be measured at their respective fair values. SFAS 141R requires acquisition related costs, as well as restructuring costs the acquirer expects to incur for which it is not obligated at the acquisition date, to be recorded against income rather than included in the purchase price determination.  It also requires recognition of contingent arrangements at their acquisition date fair values, with subsequent changes in fair value generally reflected in income. The impact of SFAS 141R is dependent on the level of future acquisitions.

 

In June 2008, the FASB issued FASB Staff Position EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities (“FSP EITF No. 03-6-1”).  This FSP addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, should be included in the earnings allocation in computing earnings per share (“EPS”) under the two-class method described in SFAS No. 128, Earnings per Share.  FSP EITF No. 03-6-1 redefines participating securities to include unvested share-based payment awards that contain non-forfeitable dividends or dividend equivalents as participating securities to be included in the computation of EPS pursuant to the “two-class method.” Outstanding unvested restricted stock issued under employee compensation programs containing such dividend participation features would be considered participating securities subject to the “two-class method” in computing EPS rather than the “treasury stock method.” FSP EITF No. 03-6-1 is effective for financial statements issued for fiscal years beginning after December 15, 2008 and for interim periods within those years.  All prior-period EPS data presented is to be adjusted retrospectively to conform to the provisions of this FSP.  Early application is not permitted. The Company is currently evaluating the impact, if any, that FSP EITF 03-6-1 will have on its computation and presentation of EPS.

 

Other new pronouncements issued but not effective until after December 31, 2008, are not expected to have a significant effect on the company’s consolidated financial statements.

 

2.              DISCONTINUED OPERATIONS

 

New Accounting
Pronouncements



 



 In February 2007, the FASB issued
SFAS No. 159, The Fair Value
Option for
Financial Assets and
Financial Liabilities, Including an Amendment of FASB Statement
No. 115 (“SFAS 159”).
SFAS 159 gave entities the irrevocable option to carry many financial
assets and financial liabilities at fair value. Unrealized gains and losses on
items for which the fair value option was elected are reported in earnings.
SFAS 159 was effective for the Company beginning January 1, 2008. As
of the initial adoption, we did not elect the fair value option for any
existing eligible items under SFAS 159.



 



In September 2006,
the FASB issued SFAS No. 157, Fair
Value Measurements
(“SFAS 157”). SFAS 157 establishes a
framework for the measurement of assets and liabilities that use fair value and
expands disclosures about fair value measurements. SFAS 157 applies
whenever another US GAAP standard requires (or permits) assets or liabilities
to be measured at fair value but did not expand the use of fair value to any
new circumstances.  Subsequently, in February 2008,
the FASB issued FASB Staff Position (“FSP”) SFAS 157-1, Application of FASB Statement No. 157 to FASB
Statement No. 13 and Other Accounting Pronouncements that Address Fair
Value Measurements for Purpose of Lease Classification or Measurement Under
Statement 13
(“FSP 157-1”)
and FASB Staff Position SFAS 157-2, Effective
Date of FASB Statement No. 157
(“FSP 157-2”). FSP 157-1 excludes FASB Statement No. 13, Accounting for Leases, and its related
interpretive accounting pronouncements from the scope of SFAS 157.  FSP 157-2 delays the effective date of
SFAS 157 for nonfinancial assets and nonfinancial liabilities, except for items
that are recognized or disclosed at fair value in the financial statements on a
recurring basis (at least annually), to fiscal years beginning after November 15,
2008. The Company implemented SFAS 157 on January 1, 2008 with no material
impact on its consolidated financial statements. For further information about
the fair value measurements of our financial assets and liabilities, see Note
3. The Company is currently evaluating the potential impact of SFAS 157 for
nonfinancial assets and nonfinancial liabilities on its financial position and
results of operations.



 



F-11
















Table of Contents



 



In October 2008,
the FASB issued FASB Staff Position SFAS No. 157-3, Determining the Fair Value of a Financial Asset When
the Market For That Asset Is Not Active
(FSP 157-3), with an
immediate effective date, including prior periods for which financial
statements have not been issued.  FSP 157-3 amends SFAS No. 157 (as
described below) to clarify the application of fair value in inactive markets
and allows for the use of management’s internal assumptions about future cash
flows with appropriately risk-adjusted discount rates when relevant observable
market data does not exist.  The objective of SFAS No. 157 has not
changed and continues to be the determination of the price that would be
received in an orderly transaction that is not a forced liquidation or
distressed sale at the measurement date.  The adoption of FSP 157-3 in the
fourth quarter did not have a material effect on the Company’s consolidated
financial statements.



 



In April 2008,
the FASB issued FASB Staff Position SFAS No. 142-3, Determination of the Useful Life of Intangible Assets
(“FSP 142-3”). FSP 142-3 amends the factors that should be
considered in developing renewal or extension assumptions used to determine the
useful life of a recognized intangible asset under SFAS No. 142, Goodwill and Other Intangible Assets. The
intent of this FSP is to improve the consistency between the useful life of a
recognized intangible asset and the period of expected cash flows used to
measure the fair value of the asset under SFAS No. 141 (revised
2007), Business Combinations, and
other US GAAP. FSP 142-3 is effective for the Company on January 1,
2009. The Company does not expect the adoption of FSP 142-3 to have a
material impact on the Company’s consolidated financial statements.



 



In December 2007, the FASB issued FASB Statement No. 141
(revised 2007), Business Combinations (“SFAS 141R”),
which will become effective for business combination transactions having an
acquisition date on or after January 1, 2009.  This standard requires the acquiring entity
in a business combination to recognize the assets acquired, the liabilities
assumed, and any noncontrolling interest in the acquiree at the acquisition
date to be measured at their respective fair values. SFAS 141R requires
acquisition related costs, as well as restructuring costs the acquirer expects
to incur for which it is not obligated at the acquisition date, to be recorded
against income rather than included in the purchase price determination.  It also requires recognition of contingent arrangements
at their acquisition date fair values, with subsequent changes in fair value
generally reflected in income. The impact of SFAS 141R is dependent on the
level of future acquisitions.



 



In June 2008, the
FASB issued FASB Staff Position EITF 03-6-1, Determining
Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities
(“FSP
EITF No. 03-6-1”).  This
FSP addresses whether instruments granted in share-based payment transactions
are participating securities prior to vesting and, therefore, should be included
in the earnings allocation in computing earnings per share (“EPS”) under the
two-class method described in SFAS No. 128, Earnings per Share.  FSP EITF No. 03-6-1 redefines
participating securities to include unvested share-based payment awards that
contain non-forfeitable dividends or dividend equivalents as participating
securities to be included in the computation of EPS pursuant to the “two-class
method.” Outstanding unvested restricted stock issued under employee
compensation programs containing such dividend participation features would be
considered participating securities subject to the “two-class method” in
computing EPS rather than the “treasury stock method.” FSP EITF No. 03-6-1
is effective for financial statements issued for fiscal years beginning after December 15,
2008 and for interim periods within those years.  All prior-period EPS
data presented is to be adjusted retrospectively to conform to the provisions
of this FSP.  Early application is not permitted. The Company is currently
evaluating the impact, if any, that FSP EITF 03-6-1 will have on its
computation and presentation of EPS.



 



Other
new pronouncements issued but not effective until after December 31, 2008,
are not expected to have a significant effect on the company’s consolidated financial
statements.



 



2.              DISCONTINUED
OPERATIONS



 



New Accounting
Pronouncements



 



 In February 2007, the FASB issued
SFAS No. 159, The Fair Value
Option for
Financial Assets and
Financial Liabilities, Including an Amendment of FASB Statement
No. 115 (“SFAS 159”).
SFAS 159 gave entities the irrevocable option to carry many financial
assets and financial liabilities at fair value. Unrealized gains and losses on
items for which the fair value option was elected are reported in earnings.
SFAS 159 was effective for the Company beginning January 1, 2008. As
of the initial adoption, we did not elect the fair value option for any
existing eligible items under SFAS 159.



 



In September 2006,
the FASB issued SFAS No. 157, Fair
Value Measurements
(“SFAS 157”). SFAS 157 establishes a
framework for the measurement of assets and liabilities that use fair value and
expands disclosures about fair value measurements. SFAS 157 applies
whenever another US GAAP standard requires (or permits) assets or liabilities
to be measured at fair value but did not expand the use of fair value to any
new circumstances.  Subsequently, in February 2008,
the FASB issued FASB Staff Position (“FSP”) SFAS 157-1, Application of FASB Statement No. 157 to FASB
Statement No. 13 and Other Accounting Pronouncements that Address Fair
Value Measurements for Purpose of Lease Classification or Measurement Under
Statement 13
(“FSP 157-1”)
and FASB Staff Position SFAS 157-2, Effective
Date of FASB Statement No. 157
(“FSP 157-2”). FSP 157-1 excludes FASB Statement No. 13, Accounting for Leases, and its related
interpretive accounting pronouncements from the scope of SFAS 157.  FSP 157-2 delays the effective date of
SFAS 157 for nonfinancial assets and nonfinancial liabilities, except for items
that are recognized or disclosed at fair value in the financial statements on a
recurring basis (at least annually), to fiscal years beginning after November 15,
2008. The Company implemented SFAS 157 on January 1, 2008 with no material
impact on its consolidated financial statements. For further information about
the fair value measurements of our financial assets and liabilities, see Note
3. The Company is currently evaluating the potential impact of SFAS 157 for
nonfinancial assets and nonfinancial liabilities on its financial position and
results of operations.



 



F-11
















Table of Contents



 



In October 2008,
the FASB issued FASB Staff Position SFAS No. 157-3, Determining the Fair Value of a Financial Asset When
the Market For That Asset Is Not Active
(FSP 157-3), with an
immediate effective date, including prior periods for which financial
statements have not been issued.  FSP 157-3 amends SFAS No. 157 (as
described below) to clarify the application of fair value in inactive markets
and allows for the use of management’s internal assumptions about future cash
flows with appropriately risk-adjusted discount rates when relevant observable
market data does not exist.  The objective of SFAS No. 157 has not
changed and continues to be the determination of the price that would be
received in an orderly transaction that is not a forced liquidation or
distressed sale at the measurement date.  The adoption of FSP 157-3 in the
fourth quarter did not have a material effect on the Company’s consolidated
financial statements.



 



In April 2008,
the FASB issued FASB Staff Position SFAS No. 142-3, Determination of the Useful Life of Intangible Assets
(“FSP 142-3”). FSP 142-3 amends the factors that should be
considered in developing renewal or extension assumptions used to determine the
useful life of a recognized intangible asset under SFAS No. 142, Goodwill and Other Intangible Assets. The
intent of this FSP is to improve the consistency between the useful life of a
recognized intangible asset and the period of expected cash flows used to
measure the fair value of the asset under SFAS No. 141 (revised
2007), Business Combinations, and
other US GAAP. FSP 142-3 is effective for the Company on January 1,
2009. The Company does not expect the adoption of FSP 142-3 to have a
material impact on the Company’s consolidated financial statements.



 



In December 2007, the FASB issued FASB Statement No. 141
(revised 2007), Business Combinations (“SFAS 141R”),
which will become effective for business combination transactions having an
acquisition date on or after January 1, 2009.  This standard requires the acquiring entity
in a business combination to recognize the assets acquired, the liabilities
assumed, and any noncontrolling interest in the acquiree at the acquisition
date to be measured at their respective fair values. SFAS 141R requires
acquisition related costs, as well as restructuring costs the acquirer expects
to incur for which it is not obligated at the acquisition date, to be recorded
against income rather than included in the purchase price determination.  It also requires recognition of contingent arrangements
at their acquisition date fair values, with subsequent changes in fair value
generally reflected in income. The impact of SFAS 141R is dependent on the
level of future acquisitions.



 



In June 2008, the
FASB issued FASB Staff Position EITF 03-6-1, Determining
Whether Instruments Granted in Share-Based Payment Transactions Are
Participating Securities
(“FSP
EITF No. 03-6-1”).  This
FSP addresses whether instruments granted in share-based payment transactions
are participating securities prior to vesting and, therefore, should be included
in the earnings allocation in computing earnings per share (“EPS”) under the
two-class method described in SFAS No. 128, Earnings per Share.  FSP EITF No. 03-6-1 redefines
participating securities to include unvested share-based payment awards that
contain non-forfeitable dividends or dividend equivalents as participating
securities to be included in the computation of EPS pursuant to the “two-class
method.” Outstanding unvested restricted stock issued under employee
compensation programs containing such dividend participation features would be
considered participating securities subject to the “two-class method” in
computing EPS rather than the “treasury stock method.” FSP EITF No. 03-6-1
is effective for financial statements issued for fiscal years beginning after December 15,
2008 and for interim periods within those years.  All prior-period EPS
data presented is to be adjusted retrospectively to conform to the provisions
of this FSP.  Early application is not permitted. The Company is currently
evaluating the impact, if any, that FSP EITF 03-6-1 will have on its
computation and presentation of EPS.



 



Other
new pronouncements issued but not effective until after December 31, 2008,
are not expected to have a significant effect on the company’s consolidated financial
statements.



 



2.              DISCONTINUED
OPERATIONS



 



These excerpts taken from the GVHR 10-K filed Mar 17, 2008.

NEW ACCOUNTING PRONOUNCEMENTS

        See Note 1 of notes to the consolidated financial statements beginning on page F-1 of this report for a discussion of new accounting pronouncements.

NEW ACCOUNTING PRONOUNCEMENTS



        See Note 1 of notes to the consolidated financial statements beginning on page F-1 of this report for a discussion of new accounting
pronouncements.



This excerpt taken from the GVHR 10-K filed Mar 16, 2007.
NEW ACCOUNTING PRONOUNCEMENTS
 
See Note 1 of notes to the consolidated financial statements beginning on page F-1 of this report for a discussion of new accounting pronouncements.
 
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