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SFN » Topics » Recently Issued Accounting Pronouncements

These excerpts taken from the SFN 8-K filed Feb 19, 2008.

6. Recently Issued Accounting Pronouncements

 

Following are summaries of significant recently issued accounting pronouncements that either have a current impact or may have a future impact on IntelliMark:

 

In June 2006, the Financial Accounting Standards Board issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, which will be effective as of the beginning of IntelliMark’s 2008 fiscal year.  This Interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes.  It prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  At this time, IntelliMark believes the impact of the adoption of this Interpretation will be insignificant.

 

In September 2006, the Financial Accounting Standards Board issued FAS 157, Fair Value Measurements, which will be effective as of the beginning of IntelliMark’s 2009 fiscal year.  This Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements.  At this time, IntelliMark has not completed its review and assessment of the impact of the adoption of this Statement.

 

In February 2007, the Financial Accounting Standards Board issued FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities.  This Statement permits entities to choose to measure many financial instruments and certain other items at fair value.  This Statement is effective as of the beginning of IntelliMark’s 2009 fiscal year.  At this time, IntelliMark does not expect to elect the fair value option for any items.

 

Recently Issued Accounting Pronouncements

 

Following are summaries of significant recently issued accounting pronouncements that either have a current impact or may have a future impact on the Company:

 

In September 2006, the FASB issued FAS No. 157, Fair Value Measurements. This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. This Statement applies under other accounting pronouncements that require or permit fair value measurements. This statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The Company is evaluating the effect the adoption of this standard will have on its consolidated financial position, results of operations and cash flows.

 

In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). This interpretation modified the accounting for uncertain income tax positions recognized in accordance with FAS 109, Accounting for Income Taxes. Specifically, FIN 48 changes the application of FAS 109 by establishing criteria that an individual tax position must meet for any part of the benefit of that position to be recognized in an enterprise’s financial statements. Additionally, FIN 48 provides new rules for measurement, derecognition, classification, interest and penalties as well as disclosure and transition. This interpretation is effective for fiscal years beginning after December 15, 2006. The Company will adopt FIN 48 as of December 31, 2007, and does not expect its adoption to have a material impact on the Company’s financial condition or results of operations.

 

9


 

IntelliMark Holdings, Inc.

(Parent Company of Technisource, Inc.)

Notes to Consolidated Financial Statements
December 30, 2006 and December 31, 2005

 

In August 2003, the FASB issued FAS No. 150, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. This statement establishes standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. FAS No. 150 requires financial instruments that are within its scope to be classified as a liability, as many of these instruments were previously classified as equity. The classification and measurement provisions of FAS No. 150 has been deferred for an indefinite period for mandatory redeemable financial instruments of nonpublic entities.

 

In May, 2005, the FASB issued FAS No. 154, Accounting Changes and Error Correction, which replaced APB Opinion No. 20, Accounting Changes, and FASB Statement No. 3, Reporting Accounting Changes in Interim Financial Statements. FAS No. 154 changes the requirements for the accounting for and reporting of a change in accounting principle. This Statement applies to all voluntary changes in accounting principle and to changes required by an accounting pronouncement in the unusual instance that the pronouncement does not include specific transition provisions. The adoption of FAS No. 154 did not have a significant impact on the Company’s financial statements, cash flows or results of operations.

 

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Feb 19, 2008

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