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These excerpts taken from the RKT 10-K filed Nov 26, 2008. Use of Estimates Preparing consolidated financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates, and the differences could be material. The most significant accounting estimates inherent in the preparation of our consolidated financial statements include estimates to, evaluate the recoverability of goodwill, intangibles and property, plant and equipment, determine the useful lives of assets that are amortized or depreciated, and measure income taxes, self-insured obligations, restructuring activities and allocate the purchase price of acquired business to the fair value
46
Table of ContentsIndex to Financial StatementsROCK-TENN COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
of acquired assets and liabilities. In addition, significant estimates form the basis for our reserves with respect to collectibility of accounts receivable, inventory valuations, pension benefits, and certain benefits provided to current employees. Various assumptions and other factors underlie the determination of these significant estimates. The process of determining significant estimates is fact specific and takes into account factors such as historical experience, current and expected economic conditions, product mix, and in some cases, actuarial techniques. We regularly re-evaluate these significant factors and make adjustments where facts and circumstances dictate. Use of Preparing consolidated financial statements in conformity with generally accepted accounting principles in the United
46 Table of ContentsIndex to Financial StatementsROCK-TENN COMPANY ALIGN="center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
This excerpt taken from the RKT 10-K filed Nov 28, 2007. Use of
Estimates
The preparation of consolidated financial statements in
conformity with U.S. generally accepted accounting
principles (“GAAP”) requires management to make
estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the consolidated financial statements
and the reported amounts of revenues and expenses during the
reporting period. Actual results may differ from those estimates
and the differences could be material.
The most significant accounting estimates inherent in the
preparation of our consolidated financial statements include
estimates to evaluate the recoverability of goodwill,
intangibles and property, plant and equipment, determine the
useful lives of assets that are amortized or depreciated, and
measure income taxes, self-insured obligations and
restructuring. In addition, significant estimates form the basis
for our reserves with respect to collectibility of accounts
receivable, inventory valuations, pension benefits, and certain
benefits provided to current employees. Various assumptions and
other factors underlie the determination of these significant
estimates. The process of determining significant estimates is
fact specific and takes into account factors such as historical
experience, current and expected economic conditions, product
mix, and in some cases, actuarial techniques. We regularly
re-evaluate these significant factors and make adjustments where
facts and circumstances dictate.
This excerpt taken from the RKT 10-K filed Nov 22, 2006. Use of
Estimates
The preparation of financial statements in conformity with
U.S. generally accepted accounting principles
(“GAAP”) requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual
results may differ from those estimates and the differences
could be material.
The most significant accounting estimates inherent in the
preparation of our financial statements include estimates
associated with our evaluation of the recoverability of goodwill
and property, plant and equipment as well as those used in the
determination of taxation, self-insured obligations and
restructuring. In addition, significant estimates form the basis
for our reserves with respect to collectibility of accounts
receivable, inventory valuations, pension benefits, and certain
benefits provided to current employees. Various assumptions and
other factors underlie the determination of these significant
estimates. The process of determining significant estimates is
fact specific and takes into account factors such as historical
experience, current and expected economic conditions, product
mix, and in some cases, actuarial techniques. We regularly
re-evaluate these significant factors and make adjustments where
facts and circumstances dictate.
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