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These excerpts taken from the PBG 10-K filed Feb 27, 2008. New
Accounting Standards
SFAS No. 157
In September 2006, the FASB issued Statement of Financial
Accounting Standards (“SFAS”) No. 157, “Fair
Value Measurements” (“SFAS 157”), which
establishes a framework for reporting fair value and expands
disclosures about fair value measurements. Certain provisions of
SFAS 157 become effective beginning with our first quarter
2008 fiscal period. The adoption of this standard will not have
a material impact on our Consolidated Financial Statements.
SFAS No. 158
In September 2006, the FASB issued SFAS No. 158,
“Employers’ Accounting for Defined Benefit Pension and
Other Postretirement Plans” (“SFAS 158”).
Effective December 30, 2006, the Company adopted the
balance sheet recognition provision of this standard and
accordingly recognized the funded status of each of the pension,
postretirement plans, and other similar plans we sponsor.
Effective for fiscal year ending 2008, the standard also
requires the measurement date for PBG sponsored plan assets and
liabilities to coincide with our fiscal year-end. SFAS 158
provides two transition alternatives related to the change in
measurement date provisions. We will adopt the measurement date
provisions of SFAS 158 on the first day of fiscal year 2008
and will use the “two-measurement” approach. We are
currently evaluating the impact of the
40
Table of Contents
measurement date provision of the standard on our Consolidated
Financial Statements.
SFAS No. 159
In February 2007, the FASB issued SFAS No. 159,
“The Fair Value Option for Financial Assets and Financial
Liabilities” (“SFAS 159”), which allows
entities to choose to measure many financial instruments and
certain other items at fair value. SFAS 159 will become
effective beginning with our first quarter 2008 fiscal period.
The adoption of this standard will not have a material impact on
our Consolidated Financial Statements.
SFAS No. 141(R)
In December 2007, the FASB issued SFAS No. 141(R),
“Business Combinations”
(“SFAS 141(R)”), which addresses the recognition
and accounting for identifiable assets acquired, liabilities
assumed, and noncontrolling interests in business combinations.
SFAS 141(R) also establishes expanded disclosure
requirements for business combinations. SFAS 141(R) will
become effective beginning with our first quarter 2009 fiscal
period. We are currently evaluating the impact of this standard
on our Consolidated Financial Statements.
SFAS No. 160
In December 2007, the FASB issued SFAS No. 160,
“Noncontrolling Interests in Consolidated Financial
Statements, an amendment of ARB No. 51”
(“SFAS 160”), which addresses the accounting and
reporting framework for minority interests by a parent company.
SFAS 160 also addresses disclosure requirements to
distinguish between interests of the parent and interests of the
noncontrolling owners of a subsidiary. SFAS 160 will become
effective beginning with our first quarter 2009 fiscal period.
We are currently evaluating the impact of this standard on our
Consolidated Financial Statements.
EITF
Issue
No. 06-11
In June 2007, the FASB ratified Emerging Issues Task Force Issue
No. 06-11,
“Accounting for Income Tax Benefits of Dividends on
Share-Based Payment Awards”
(“EITF 06-11”),
which requires income tax benefits from dividends or dividend
equivalents that are charged to retained earnings and are paid
to employees for equity classified nonvested equity shares,
nonvested equity share units and outstanding equity share
options to be recognized as an increase in additional paid-in
capital and to be included in the pool of excess tax benefits
available to absorb potential future tax deficiencies on
share-based payment awards.
EITF 06-11
will become effective beginning with our first quarter 2008
fiscal period. The adoption of
EITF 06-11
is not expected to have a material impact on our Consolidated
Financial Statements.
New Accounting Standards SFAS No. 157 In September 2006, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements” (“SFAS 157”), which establishes a framework for reporting fair value and expands disclosures about fair value measurements. Certain provisions of SFAS 157 become effective beginning with our first quarter 2008 fiscal period. The adoption of this standard will not have a material impact on our Consolidated Financial Statements. SFAS No. 158 In September 2006, the FASB issued SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans” (“SFAS 158”). Effective December 30, 2006, the Company adopted the balance sheet recognition provision of this standard and accordingly recognized the funded status of each of the pension, postretirement plans, and other similar plans we sponsor. Effective for fiscal year ending 2008, the standard also requires the measurement date for PBG sponsored plan assets and liabilities to coincide with our fiscal year-end. SFAS 158 provides two transition alternatives related to the change in measurement date provisions. We will adopt the measurement date provisions of SFAS 158 on the first day of fiscal year 2008 and will use the “two-measurement” approach. We are currently evaluating the impact of the 40 Table of Contentsmeasurement date provision of the standard on our Consolidated Financial Statements. SFAS No. 159 In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“SFAS 159”), which allows entities to choose to measure many financial instruments and certain other items at fair value. SFAS 159 will become effective beginning with our first quarter 2008 fiscal period. The adoption of this standard will not have a material impact on our Consolidated Financial Statements. SFAS No. 141(R) In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations” (“SFAS 141(R)”), which addresses the recognition and accounting for identifiable assets acquired, liabilities assumed, and noncontrolling interests in business combinations. SFAS 141(R) also establishes expanded disclosure requirements for business combinations. SFAS 141(R) will become effective beginning with our first quarter 2009 fiscal period. We are currently evaluating the impact of this standard on our Consolidated Financial Statements. SFAS No. 160 In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51” (“SFAS 160”), which addresses the accounting and reporting framework for minority interests by a parent company. SFAS 160 also addresses disclosure requirements to distinguish between interests of the parent and interests of the noncontrolling owners of a subsidiary. SFAS 160 will become effective beginning with our first quarter 2009 fiscal period. We are currently evaluating the impact of this standard on our Consolidated Financial Statements. EITF Issue No. 06-11 In June 2007, the FASB ratified Emerging Issues Task Force Issue No. 06-11, “Accounting for Income Tax Benefits of Dividends on Share-Based Payment Awards” (“EITF 06-11”), which requires income tax benefits from dividends or dividend equivalents that are charged to retained earnings and are paid to employees for equity classified nonvested equity shares, nonvested equity share units and outstanding equity share options to be recognized as an increase in additional paid-in capital and to be included in the pool of excess tax benefits available to absorb potential future tax deficiencies on share-based payment awards. EITF 06-11 will become effective beginning with our first quarter 2008 fiscal period. The adoption of EITF 06-11 is not expected to have a material impact on our Consolidated Financial Statements. | EXCERPTS ON THIS PAGE:
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