MNTG » Topics » Newly Issued Accounting Standards.

This excerpt taken from the MNTG 10-K filed Apr 2, 2007.
Newly Issued Accounting Standards.   In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48, Accounting for Uncertainty in Tax Positions—an Interpretation of SFAS No. 109 (“FIN 48”), to create a single model to address accounting for uncertainty in tax positions. FIN 48 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. We will adopt the provisions of FIN 48 effective as of January 1, 2007, as required. The cumulative effect of adopting FIN 48 will be recorded in retained earnings. We do not expect that the adoption of FIN 48 will have a significant impact on our financial position and results of operations.

In September 2006, the Financial Accounting Standards Board issued SFAS No. 158, Employers’ Accounting for Defined Benefit Pension Plans and Other Postretirement Plans, an amendment of SFAS No. 87, “Employers’ Accounting for Pensions,” SFAS No. 88, “Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plan and for Termination Benefits,” SFAS No. 106, “Employers’ Accounting for Postretirement Benefits Other Than Pensions,” and SFAS No. 132(R), “Employers’ Disclosures about Pensions and Other Postretirement Benefits—an amendment of SFAS Nos. 87, 88 and 106.” SFAS No. 158 requires (i) an employer to recognize a benefit plan’s funded status in its statement of financial position, (ii) measure a benefit plan’s assets and obligations as of the end of the employer’s fiscal year and (iii) recognize the changes in the benefit plan’s funded status in other comprehensive income in the year in which the changes occur. SFAS No. 158’s requirement to recognize the funded status of a benefit plan and the new disclosure requirements are effective as of the end of fiscal years ending after December 15, 2006. The requirement to measure plan assets and benefit obligations as of the date of the employer’s fiscal year end statement of financial position is effective for fiscal years ending after December 15, 2008. As required, we adopted the provisions of SFAS No. 158 as of January 1, 2006, and did not have a significant impact on our financial position or results of operations.

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This excerpt taken from the MNTG 10-K filed Mar 29, 2006.
Newly Issued Accounting Standards.   On December 16, 2004, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 123 (revised 2004), Share-Based Payment, which is a revision of FASB Statement No. 123,
This excerpt taken from the MNTG 10-K filed Mar 16, 2005.

Newly Issued Accounting Standards

        On December 16, 2004, the Financial Accounting Standards Board (FASB) issued FASB Statement No. 123 (revised 2004), Share-Based Payment, which is a revision of FASB Statement No. 123, Accounting for Stock-Based Compensation. Statement 123(R) supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and amends FASB Statement No. 95, Statement of Cash Flows. Generally, the approach in Statement 123(R) is similar to the approach described in Statement 123. However, Statement 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative.

        Statement 123(R) must be adopted no later than July 1, 2005. Early adoption will be permitted in periods in which financial statements have not yet been issued. The Company expects to adopt Statement 123(R) on July 1, 2005. (See Note 2 to the Consolidated Financial Statements "Recently Issued Accounting Standards").


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

        We are exposed to changes in interest rates primarily from our variable rate long-term debt arrangements. Under our current policies, we have utilized interest rate derivative instruments to manage exposure to interest rate changes for a portion of our debt arrangements. However, with the issuance of the fixed rate long-term Senior Notes and repayment of the balance outstanding under the Second Amended and Restated Credit Agreement in March 2003, our exposure to interest rate changes will be limited to amounts which may be outstanding under the expected $50 Million Third Amended and Restated Credit Agreement (See Liquidity and Sources of Capital). The interest rate derivative entered into in October 2000 expired on December 31, 2003.

        Depending upon the amounts outstanding under the Third Amended and Restated Credit Agreement and without consideration of interest rate derivatives designated as hedges if any, a hypothetical 100 basis point (1%) change in interest rates would result in an annual interest expense change of up to approximately $500,000.

        At December 31, 2004 the fair value of credit facilities approximates the carrying value except for the 9.75% senior unsecured notes for which the fair value as determined based upon market quotes is $143,000,000. The carrying value of the senior unsecured notes is $128,836,000 at December 31, 2004.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

        Financial Statements and accompanying footnotes are set forth on pages F-1 through F-44 of this report.


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

        None.


ITEM 9A. CONTROLS AND PROCEDURES

(a)
Evaluation of disclosure controls and procedures.

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        Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-14(c) and 15d-14(c)) as of the end of the period covered by this report (the "Evaluation Date"), have concluded that as of the Evaluation Date, our disclosure controls and procedures were adequate and effective to ensure that material information relating to us would be made known to them by others within the Company, particularly during the period in which this Form 10-K Annual Report was being prepared.

(b)
Changes in internal controls.

        There were no significant changes in our internal controls or in other factors that could significantly affect internal controls subsequent to the date of the most recent evaluation, nor any material weaknesses in such internal controls requiring corrective actions. As a result, no corrective actions were taken.

        We have not included in this report management's annual report on internal control over financial reporting required by Item 308(a) of Regulation S-K, and the related attestation report of the registered public accounting firm required by Item 308(b) of Regulation S-K, as permitted by the SEC's Order under Section 36 of the Securities Exchange Act of 1934, as amended, Release No. 50754, November 30, 2004. We intend to file an amendment to this report with the SEC to include such information required by Item 308(a) and 308(b) within the time period permitted by the SEC's above-referenced order.


ITEM 9B. OTHER INFORMATION

        None.

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PART III

ITEM 10. DIRECTORS AND OFFICERS OF THE COMPANY

        The following table sets forth information regarding the directors and executive officers of the Company.

Name

  Age
  Position and Office Held

Edson R. Arneault   57   President, Chief Executive Officer, Chairman of the Board
Robert A. Blatt(1)   64   Vice President, Assistant Secretary, Director
James V. Stanton(3)   73   Director
Donald J. Duffy(2)(3)   37   Director
Richard Delatore(3)   65   Director
LC Greenwood(2)   58   Director
John W. Bittner, Jr.   52   Chief Financial Officer
David R. Hughes   42   Chief Operating Officer; Mountaineer
Roger M. Szepelak   40   Vice President, Chief Operating Officer, Nevada Properties
Patrick J. Arneault   39   Vice President, Mountaineer and Presque Isle Downs
Rose Mary Williams   47   Secretary

(1)
Member of the Finance Committee of the Board of Directors.

(2)
Member of the Compensation Committee of the Board of Directors.

(3)
Member of the Audit Committee of the Board of Directors.
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