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This excerpt taken from the HBI 8-K filed Nov 29, 2006. Accounting
for Uncertainty in Income Taxes
In June 2006, the FASB issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes: An Interpretation
of FASB Statement No. 109, or
“FIN No. 48”. This interpretation clarifies
the accounting for uncertainty in income taxes recognized in an
entity’s financial statements in accordance with
SFAS No. 109. FIN No. 48 prescribes a
recognition threshold and measurement principles for the
financial statement recognition and measurement of tax positions
taken or expected to be taken on a tax return. This
interpretation is effective for fiscal years beginning after
December 15, 2006 and as such, we will adopt
FIN No. 48 beginning July 1, 2007. We are
currently assessing the impact the adoption of
FIN No. 48 will have on our consolidated financial
position and results of operations.
This excerpt taken from the HBI 10-Q filed Nov 13, 2006. Accounting
for Uncertainty in Income Taxes
In June 2006, the FASB issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes: An Interpretation of
FASB Statement No. 109, or
“FIN No. 48”. This interpretation clarifies
the accounting for uncertainty in income taxes recognized in an
entity’s financial statements in accordance with
SFAS No. 109. FIN No. 48 prescribes a
recognition threshold and measurement principles for the
financial statement recognition and measurement of tax positions
taken or expected to be taken on a tax return. This
interpretation is effective for fiscal years beginning after
December 15, 2006. We are currently assessing the impact
the adoption of FIN No. 48 will have on our results of
operations and financial position.
This excerpt taken from the HBI 10-K filed Sep 28, 2006. Accounting
for Uncertainty in Income Taxes
In June 2006, the FASB issued Interpretation No. 48,
Accounting for Uncertainty in Income Taxes: An Interpretation
of FASB Statement No. 109, or
“FIN No. 48”. This interpretation clarifies
the accounting for uncertainty in income taxes recognized in an
entity’s financial statements in accordance with
SFAS No. 109. FIN No. 48 prescribes a
recognition threshold and measurement principles for the
financial statement recognition and measurement of tax positions
taken or expected to be taken on a tax return. This
interpretation is effective for fiscal years beginning after
December 15, 2006 and as such, we will adopt
FIN No. 48 beginning July 1, 2007. We are
currently assessing the impact the adoption of
FIN No. 48 will have on our consolidated financial
position and results of operations.
We are exposed to market risk from changes in foreign exchange
rates, interest rates and commodity prices. Historically, Sara
Lee has maintained risk management control systems on our behalf
to monitor the foreign exchange, interest rate and commodities
risks and Sara Lee’s offsetting hedge position. Sara
Lee’s risk management control system uses analytical
techniques including market value, sensitivity analysis and
value at risk estimations.
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