PATK » Topics » 20 and FASB Statement No.

This excerpt taken from the PATK 8-K filed Jul 5, 2007.
20 and FASB Statement No. 3. This Statement requires that a voluntary change in accounting principle be applied retrospectively with all prior period financial statements presented on the basis of the new accounting principle, unless it is impracticable to do so. SFAS No. 154 also provides that (1) a change in method of depreciating or amortizing a long-lived nonfinancial asset be accounted for as a change in estimate (prospectively) that was effected by a change in accounting principle, and (2) correction of errors in previously issued financial statements should be termed a “restatement”. The new standard is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005. Early adoption of this standard is permitted for accounting changes and correction of errors made in fiscal years beginning after June 1, 2005. The Company has adopted the provisions of this statement for fiscal 2006 and, accordingly, has referred to the correction of an error in previously issued financial statements as a restatement (see Note 14). The adoption of the provisions of this statement had no other impact on the accompanying consolidated financial statements.

In September 2006, the FASB issued SFAS No. 157,

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