LUX » Topics » 9. NEW ACCOUNTING PRONOUNCEMENTS

This excerpt taken from the LUX 6-K filed Jun 26, 2009.

9.  NEW ACCOUNTING PRONOUNCEMENTS

        In December 2007, SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements—an amendment to ARB No. 51" was issued and became effective for the Company as of January 1, 2009. This statement requires specific presentation for the noncontrolling interest in a consolidated subsidiary equity and operations to be reported. Pursuant to the transition provisions of SFAS No. 160, the Company retrospectively applied the presentation and disclosure requirements.

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