HCSG » Topics » Recent Accounting Pronouncements

These excerpts taken from the HCSG 10-K filed Feb 20, 2009.
Recent Accounting Pronouncements
In December 2007, the FASB Statement 141R, “Business Combinations” (SFAS 141R”) was issued. SFAS 141R replaces SFAS 141. SFAS 141R requires the acquirer of a business to recognize and measure the identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree at fair value. SFAS 141R also requires transactions costs related to the business combination to be expensed as incurred. SFAS 141R applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. The effective date for the Company will be January 1, 2009. We have not yet determined the impact of SFAS 141R related to future acquisitions, if any, on our consolidated financial statements.
 
In April 2008 the FASB issued FSP No. 142-3, Determination of the Useful Life of Intangible Assets (“FSP 142-3”), which 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 142. This pronouncement requires enhanced disclosures concerning a company’s treatment of costs incurred to renew or extend the term of a recognized intangible asset. FST 142-3 is effective for financial statements issued for fiscal years beginning after December 15, 2008. We are currently evaluating the impact of FSP 142-3, but do not expect the adoption to have a material impact on our consolidated financial statements.


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In May 2008 the FASB issued SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles (“SFAS No. 162”). SFAS No. 162 identifies the sources of accounting principles to be used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles, or GAAP, in the U.S. SFAS No. 162 is effective 60 days following the SEC approval of the Public Company Accounting Oversight Board amendments to AU Section 411, The Meaning of Present Fairly in Conformity with Generally Accepted Accounting Principles. We currently adhere to the hierarchy of GAAP as presented in SFAS No. 162, and adoption is not expected to have a material impact on our consolidated financial statements.
 
Recent Accounting
Pronouncements






In December 2007, the FASB Statement 141R, “Business
Combinations” (SFAS 141R”) was issued.
SFAS 141R replaces SFAS 141. SFAS 141R requires
the acquirer of a business to recognize and measure the
identifiable assets acquired, the liabilities assumed, and any
non-controlling interest in the acquiree at fair value.
SFAS 141R also requires transactions costs related to the
business combination to be expensed as incurred. SFAS 141R
applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first
annual reporting period beginning on or after December 15,
2008. The effective date for the Company will be January 1,
2009. We have not yet determined the impact of SFAS 141R
related to future acquisitions, if any, on our consolidated
financial statements.


 



In April 2008 the FASB issued FSP
No. 142-3,
Determination of the Useful Life of Intangible Assets
(“FSP 142-3”),
which 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 142. This
pronouncement requires enhanced disclosures concerning a
company’s treatment of costs incurred to renew or extend
the term of a recognized intangible asset. FST
142-3 is
effective for financial statements issued for fiscal years
beginning after December 15, 2008. We are currently
evaluating the impact of
FSP 142-3,
but do not expect the adoption to have a material impact on our
consolidated financial statements.





47





 






In May 2008 the FASB issued SFAS No. 162, The
Hierarchy of Generally Accepted Accounting Principles
(“SFAS No. 162”). SFAS No. 162
identifies the sources of accounting principles to be used in
the preparation of financial statements of nongovernmental
entities that are presented in conformity with generally
accepted accounting principles, or GAAP, in the
U.S. SFAS No. 162 is effective 60 days
following the SEC approval of the Public Company Accounting
Oversight Board amendments to AU Section 411, The Meaning
of Present Fairly in Conformity with Generally Accepted
Accounting Principles. We currently adhere to the hierarchy of
GAAP as presented in SFAS No. 162, and adoption is not
expected to have a material impact on our consolidated financial
statements.


 




Recent Accounting
Pronouncements






In December 2007, the FASB Statement 141R, “Business
Combinations” (SFAS 141R”) was issued.
SFAS 141R replaces SFAS 141. SFAS 141R requires
the acquirer of a business to recognize and measure the
identifiable assets acquired, the liabilities assumed, and any
non-controlling interest in the acquiree at fair value.
SFAS 141R also requires transactions costs related to the
business combination to be expensed as incurred. SFAS 141R
applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first
annual reporting period beginning on or after December 15,
2008. The effective date for the Company will be January 1,
2009. We have not yet determined the impact of SFAS 141R
related to future acquisitions, if any, on our consolidated
financial statements.


 



In April 2008 the FASB issued FSP
No. 142-3,
Determination of the Useful Life of Intangible Assets
(“FSP 142-3”),
which 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 142. This
pronouncement requires enhanced disclosures concerning a
company’s treatment of costs incurred to renew or extend
the term of a recognized intangible asset. FST
142-3 is
effective for financial statements issued for fiscal years
beginning after December 15, 2008. We are currently
evaluating the impact of
FSP 142-3,
but do not expect the adoption to have a material impact on our
consolidated financial statements.





47





 






In May 2008 the FASB issued SFAS No. 162, The
Hierarchy of Generally Accepted Accounting Principles
(“SFAS No. 162”). SFAS No. 162
identifies the sources of accounting principles to be used in
the preparation of financial statements of nongovernmental
entities that are presented in conformity with generally
accepted accounting principles, or GAAP, in the
U.S. SFAS No. 162 is effective 60 days
following the SEC approval of the Public Company Accounting
Oversight Board amendments to AU Section 411, The Meaning
of Present Fairly in Conformity with Generally Accepted
Accounting Principles. We currently adhere to the hierarchy of
GAAP as presented in SFAS No. 162, and adoption is not
expected to have a material impact on our consolidated financial
statements.


 




Recent Accounting
Pronouncements






In December 2007, the FASB Statement 141R, “Business
Combinations” (SFAS 141R”) was issued.
SFAS 141R replaces SFAS 141. SFAS 141R requires
the acquirer of a business to recognize and measure the
identifiable assets acquired, the liabilities assumed, and any
non-controlling interest in the acquiree at fair value.
SFAS 141R also requires transactions costs related to the
business combination to be expensed as incurred. SFAS 141R
applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first
annual reporting period beginning on or after December 15,
2008. The effective date for the Company will be January 1,
2009. We have not yet determined the impact of SFAS 141R
related to future acquisitions, if any, on our consolidated
financial statements.


 



In April 2008 the FASB issued FSP
No. 142-3,
Determination of the Useful Life of Intangible Assets
(“FSP 142-3”),
which 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 142. This
pronouncement requires enhanced disclosures concerning a
company’s treatment of costs incurred to renew or extend
the term of a recognized intangible asset. FST
142-3 is
effective for financial statements issued for fiscal years
beginning after December 15, 2008. We are currently
evaluating the impact of
FSP 142-3,
but do not expect the adoption to have a material impact on our
consolidated financial statements.





47





 






In May 2008 the FASB issued SFAS No. 162, The
Hierarchy of Generally Accepted Accounting Principles
(“SFAS No. 162”). SFAS No. 162
identifies the sources of accounting principles to be used in
the preparation of financial statements of nongovernmental
entities that are presented in conformity with generally
accepted accounting principles, or GAAP, in the
U.S. SFAS No. 162 is effective 60 days
following the SEC approval of the Public Company Accounting
Oversight Board amendments to AU Section 411, The Meaning
of Present Fairly in Conformity with Generally Accepted
Accounting Principles. We currently adhere to the hierarchy of
GAAP as presented in SFAS No. 162, and adoption is not
expected to have a material impact on our consolidated financial
statements.


 




This excerpt taken from the HCSG 10-K filed Feb 23, 2007.
Recent Accounting Pronouncements
In June 2006, the Financial Accounting Standards Board (the “FASB”) issued FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes (an interpretation of FASB Statement No. 109)” which is effective for fiscal years beginning after December 15, 2006 with earlier adoption encouraged. This interpretation was issued to clarify the accounting for uncertainty in income taxes recognized in the financial statements by prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management is currently evaluating the potential impact of the adoption of FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes (an interpretation of FASB No. 109)” which is effective for fiscal years beginning after December 15, 2006. While the evaluation process is not yet fully complete, management does not expect that the adoption of FASB Interpretation No. 48 would be material to the financial statements.
 
In September 2006, the Staff of the SEC issued Staff Accounting Bulletin (SAB) No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”. SAB No. 108 provides guidance on the consideration of the effects of prior year misstatements in quantifying current year misstatements for the purpose of determining whether the current year’s financial statements are materially misstated. SAB No. 108 is effective for fiscal years ending after November 15, 2006. We adopted SAB No. 108 as of December 31, 2006. The impact of adoption at December 31, 2006 is discussed in Note 13 of Notes to the Consolidated Financial Statements.
 
In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements” (“SFAS No. 157”). Among other requirements, SFAS No. 157 defines fair value and establishes a framework for measuring fair value and also expands disclosure about the use of fair value to measure assets and liabilities. SFAS No. 157 is effective beginning the first fiscal year that begins after November 15, 2007. We are required to adopt SFAS no. 157 on January 1, 2008. We are currently evaluating the potential impact of this statement.
 
In March 2006, the FASB Emerging Issues Task Force issued Issue 06-3 (“EITF 06-3”), “How Sales Taxes Collected From Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement.” A tentative consensus was reached that a company should disclose its accounting policy (i.e., gross or net presentation) regarding presentation of taxes within the scope of EITF 06-3. If taxes are significant, a company should disclose the amount of such taxes for each period for which an income statement is presented. The guidance is effective for periods beginning after December 15, 2006. The Company is currently evaluating the impact of adopting EITF 06-3 on its consolidated financial statement disclosure.
 
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