This excerpt taken from the ICI 6-K filed Mar 21, 2007.
(m) New US Accounting Standards not yet implemented
FIN No. 48, Accounting for Uncertainty in Income Taxes an interpretation of FASB Statement No. 109
FIN No. 48 was issued in June 2006 and clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements in accordance with SFAS No. 109 Accounting for Income Taxes. FIN No. 48 prescribes a recognition threshold and measurement methodology for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.
FIN No. 48 is effective for fiscal years beginning after 15 December 2006. The Group is currently assessing the impact of FIN No. 48 on the consolidated results and net assets of the Group.
SFAS No. 157 Fair Value Measurements
SFAS No. 157 is effective for fiscal years beginning after 15 November 2007. The Group is currently assessing the impact of SFAS No. 157 on the consolidated results and net assets of the Group.