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ROST » Topics » Adoption of new accounting standards.

These excerpts taken from the ROST 10-K filed Mar 31, 2009.

Adoption of new accounting standards.

SFAS No. 157, “Fair Value Measurements” (“SFAS No. 157”), is effective for financial assets and liabilities for fiscal years beginning after November 15, 2007, except for nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis, for which application was deferred for one year. SFAS No. 157 defines fair value, establishes a framework for measuring fair value and expands required disclosures about fair value measurements.

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SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“SFAS No. 159”) is effective for fiscal years beginning after November 15, 2007. SFAS No. 159 establishes a fair value option under which entities can elect to report certain financial assets and liabilities at fair value, with changes in fair value recognized in earnings.

The Company adopted SFAS No. 157, and SFAS No. 159 effective February 3, 2008. Adoption of the deferred provisions of SFAS No. 157 will not have a material impact on the Company’s operating results or financial position.

Adoption of new accounting
standards.


SFAS No. 157, “Fair Value
Measurements” (“SFAS No. 157”), is effective for financial assets and
liabilities for fiscal years beginning after November 15, 2007, except for
nonfinancial assets and liabilities that are recognized or disclosed at fair
value in the financial statements on a nonrecurring basis, for which application
was deferred for one year. SFAS No. 157 defines fair value, establishes a
framework for measuring fair value and expands required disclosures about fair
value measurements.


35





SFAS No. 159, “The Fair Value
Option for Financial Assets and Financial Liabilities” (“SFAS No. 159”) is
effective for fiscal years beginning after November 15, 2007. SFAS No. 159
establishes a fair value option under which entities can elect to report certain
financial assets and liabilities at fair value, with changes in fair value
recognized in earnings.


The Company adopted SFAS No. 157,
and SFAS No. 159 effective February 3, 2008. Adoption of the deferred provisions
of SFAS No. 157 will not have a material impact on the Company’s operating
results or financial position.


EXCERPTS ON THIS PAGE:

10-K (2 sections)
Mar 31, 2009

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