PNCL » Topics » Use of Estimates

These excerpts taken from the PNCL 10-K filed Mar 17, 2008.
Use of Estimates

The preparation of the Company’s consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent liabilities.  Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared.  Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when the new information becomes available to management.

Use of Estimates



The
preparation of the Company’s consolidated financial statements requires the use
of estimates and assumptions that affect the reported amounts of assets and
liabilities, the reported amounts of revenues and expenses and the disclosure of
contingent liabilities.  Management makes its best estimate of the
ultimate outcome for these items based on historical trends and other
information available when the financial statements are
prepared.  Changes in estimates are recognized in accordance with the
accounting rules for the estimate, which is typically in the period when the new
information becomes available to management.



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 17, 2008
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