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This excerpt taken from the ROST 10-Q filed Jun 10, 2009. Income Taxes. FASB Interpretation
No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48), clarifies the
criteria that an individual tax position must satisfy for some or all of the
benefits of that position to be recognized in a company’s consolidated financial
statements. FIN 48 prescribes a recognition threshold of more-likely-than-not,
and a measurement standard for all tax positions taken or expected to be taken
on a tax return, in order for those tax positions to be recognized in the
consolidated financial statements.
The
critical accounting policies noted above are not intended to be a comprehensive
list of all of our accounting policies. In many cases, the accounting treatment
of a particular transaction is specifically dictated by Generally Accepted
Accounting Principles (“GAAP”), with no need for management’s judgment in their
application. There are also areas in which management’s judgment in selecting
one alternative accounting principle over another would not produce a materially
different result.
These excerpts taken from the ROST 10-K filed Mar 31, 2009. Income Taxes. We adopted FASB Interpretation No. 48, “Accounting for
Uncertainty in Income Taxes” (FIN 48), which supplements SFAS No. 109
“Accounting for Income Taxes” (SFAS No. 109) effective February 4, 2007. FIN 48
clarifies the criteria that an individual tax position must satisfy for some or
all of the benefits of that position to be recognized in a company’s
consolidated financial statements. FIN 48 prescribes a recognition threshold of
more-likely-than-not, and a measurement standard for all tax positions taken or
expected to be taken on a tax return, in order for those tax positions to be
recognized in the consolidated financial statements.
The critical accounting policies noted above are not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by Generally Accepted Accounting Principles (“GAAP”), with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting one alternative accounting principle over another would not produce a materially different result. See our audited consolidated financial statements and notes thereto under Item 8 in this Annual Report on Form 10-K, which contain accounting policies and other disclosures required by GAAP. Income Taxes. We adopted FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48), which supplements SFAS No. 109 “Accounting for Income Taxes” (SFAS No. 109) effective February 4, 2007. FIN 48 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. FIN 48 prescribes a recognition threshold of more-likely-than-not, and a measurement standard for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. The critical accounting policies This excerpt taken from the ROST 10-Q filed Dec 10, 2008. Income Taxes. We adopted FASB Interpretation No. 48, “Accounting for
Uncertainty in Income Taxes” (FIN 48), which supplements SFAS No. 109
“Accounting for Income Taxes” (SFAS No. 109) effective February 4, 2007. FIN 48
clarifies the criteria that an individual tax position must satisfy for some or
all of the benefits of that position to be recognized in a company’s
consolidated financial statements. FIN 48 prescribes a recognition threshold of
more-likely-than-not, and a measurement standard for all tax positions taken or
expected to be taken on a tax return, in order for those tax positions to be
recognized in the consolidated financial statements.
The critical accounting policies noted above are not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by Generally Accepted Accounting Principles (“GAAP”), with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting one alternative accounting principle over another would not produce a materially different result. 21 This excerpt taken from the ROST 10-Q filed Sep 10, 2008. Note E: Income Taxes Effective February 4, 2007, the Company adopted the provisions of FIN 48 which prescribes a recognition threshold of more-likely–than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. As a result, upon adoption of FIN 48, the Company established a $26.3 million reserve for unrecognized tax benefits, inclusive of $6.0 million of related interest. The reserve was classified as a long-term liability and included in other long-term liabilities on the Company’s Condensed Consolidated Balance Sheet. Upon adoption of FIN 48, the Company also recognized a reduction in retained earnings of $7.4 million and certain other deferred income tax assets and liabilities were reclassified. 9
As of August 2, 2008, the reserve for unrecognized tax benefits is $24.6 million inclusive of $6.7 million of related interest. The Company accounts for interest related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $17.8 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. During the next twelve months, it is reasonably possible that the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns. As a result, the total amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by up to $2.0 million, net of federal tax benefits. The Company is currently open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2004 through 2007. The Company’s state income tax returns are open to audit under various statutes for fiscal years 2003 through 2007. Certain state tax returns are currently under audit by state tax authorities. The Company does not expect that the results of these audits will have a material impact on the Company’s consolidated financial statements. This excerpt taken from the ROST 10-Q filed Jun 11, 2008. Income Taxes. We adopted FASB Interpretation No. 48, “Accounting for
Uncertainty in Income Taxes” (FIN 48), which supplements SFAS No. 109
“Accounting for Income Taxes” (SFAS No. 109) effective February 4, 2007. FIN 48
clarifies the criteria that an individual tax position must satisfy for some or
all of the benefits of that position to be recognized in a company’s
consolidated financial statements. FIN 48 prescribes a recognition threshold of
more-likely-than-not, and a measurement standard for all tax positions taken or
expected to be taken on a tax return, in order for those tax positions to be
recognized in the consolidated financial statements.
The critical accounting policies noted above are not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by Generally Accepted Accounting Principles (“GAAP”), with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting one alternative accounting principle over another would not produce a materially different result. 20
These excerpts taken from the ROST 10-K filed Apr 1, 2008. Income Taxes. We adopted FASB Interpretation No. 48, “Accounting for
Uncertainty in Income Taxes” (FIN 48), which supplements SFAS No. 109
“Accounting for Income Taxes” (SFAS No. 109) effective February 4, 2007. FIN 48
clarifies the criteria that an individual tax position must satisfy for some or
all of the benefits of that position to be recognized in a company’s
consolidated financial statements. FIN 48 prescribes a recognition threshold of
more-likely-than-not, and a measurement standard for all tax positions taken or
expected to be taken on a tax return, in order for those tax positions to be
recognized in the consolidated financial statements.
26 The critical accounting policies noted above are not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by Generally Accepted Accounting Principles (“GAAP”), with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting one alternative accounting principle over another would not produce a materially different result. See our audited consolidated financial statements and notes thereto under Item 8 in this Annual Report on Form 10-K, which contain accounting policies and other disclosures required by GAAP. Income Taxes. We adopted FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48), which supplements SFAS No. 109 “Accounting for Income Taxes” (SFAS No. 109) effective February 4, 2007. FIN 48 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. FIN 48 prescribes a recognition threshold of more-likely-than-not, and a measurement standard for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. 26 | ||||||||||||||||||||||||||||
The critical accounting policies This excerpt taken from the ROST 10-Q filed Dec 12, 2007. Note E: Income Taxes In June 2006, the FASB issued FIN 48. This statement clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. FIN 48 prescribes a recognition threshold of more-likely–than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. Effective February 4, 2007, the Company adopted the provisions of FIN 48. As a result, the Company established a $26.3 million reserve for unrecognized tax benefits, inclusive of $6.0 million of related interest. The reserve is classified as a long-term liability and included in other long-term liabilities on the Company’s condensed consolidated balance sheet. Upon adoption of FIN 48, the Company also recognized a reduction in retained earnings of $7.4 million and certain other deferred income tax assets and liabilities were reclassified. As of November 3, 2007, the reserve for unrecognized tax benefits is $28.1 million inclusive of $6.2 million of related interest. The Company accounts for interest related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $16.5 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. During the next twelve months, it is reasonably possible that the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns. As a result, the total amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by up to $3.0 million, net of federal tax benefits. The Company is currently open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2004 through 2006. The Company’s state income tax returns are open to audit under the statute of limitations for the fiscal years 2003 through 2006. Certain state tax returns are currently under audit by the state tax authorities. The Company does not expect the result of these audits to have a material impact on the consolidated financial statements. This excerpt taken from the ROST 10-Q filed Sep 12, 2007. Note E: Income Taxes In June 2006, the FASB issued FIN 48. This statement clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. FIN 48 prescribes a recognition threshold of more-likely–than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the consolidated financial statements. Effective February 4, 2007, the Company adopted the provisions of FIN 48. As a result, the Company established a $26.3 million reserve for unrecognized tax benefits, inclusive of $6.0 million of related interest. The reserve is classified as a long-term liability and included in other long-term liabilities on the Company’s condensed consolidated balance sheet. Upon adoption of FIN 48, the Company also recognized a reduction in retained earnings of $7.4 million and certain other deferred income tax assets and liabilities were reclassified. As of August 4, 2007, the reserve for unrecognized tax benefits increased to $28.3 million inclusive of $7.1 million of related interest. The Company accounts for interest related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $16.8 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. During the next twelve months, it is reasonably possible that the Company will receive guidance from the Internal Revenue Service, or the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns. As a result, the total amount of unrecognized tax benefits may decrease, which would reduce the provision for taxes on earnings by up to $3.6 million, net of federal tax benefits. The Company is currently open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2004 through 2006. The Company’s state income tax returns are open to audit under the statute of limitations for the fiscal years 2003 through 2006. Certain state tax returns are currently under audit by the state tax authorities. The Company does not expect the result of these audits to have a material impact on the consolidated financial statements. 9 This excerpt taken from the ROST 10-Q filed Jun 13, 2007. Note E: Income Taxes In June 2006, the FASB issued FIN 48. This statement clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a Company’s financial statements. FIN 48 prescribes a recognition threshold of more-likely–than-not, and a measurement attribute for all tax positions taken or expected to be taken on a tax return, in order for those tax positions to be recognized in the financial statements. Effective February 4, 2007, the Company adopted the provisions of FIN 48. As a result of the implementation, the Company established a $26.3 million reserve for unrecognized tax benefits, inclusive of $6.0 million of related interest. The reserve is classified as a long-term liability and included in other long-term liabilities on the Company’s condensed consolidated balance sheet. Also upon adoption of FIN 48, the Company recognized a reduction in retained earnings of $7.4 million and certain other deferred income tax assets and liabilities were reclassified. As of May 5, 2007, the reserve for unrecognized tax benefits has increased to $27.5 million inclusive of $6.5 million of related interest. The Company accounts for interest related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $14.8 million would impact the Company’s effective tax rate. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relate to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. 9 During the next twelve months, it is reasonably possible that the Company will receive guidance from the Internal Revenue Service, or the statute of limitations may lapse pertaining to positions taken by the Company in prior year tax returns. As a result, the total amount of unrecognized tax benefits may decrease, with an impact of reducing the provision for taxes on earnings of up to $3.5 million net of federal tax benefits. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for fiscal years 2004 through 2006. The Company’s state income tax returns are open to audit under the statute of limitations for the fiscal years 2003 through 2006. Certain state tax returns are currently under audit by the state tax authorities. The Company does not expect the result of these audits to have a material impact on the financial statements. | EXCERPTS ON THIS PAGE:
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