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 IntelliMarks 2008 fiscal year. This Interpretation clarifies the accounting for uncertainty in income taxes recognized in an enterprises 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 IntelliMarks 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 IntelliMarks 2009 fiscal year. At this time, IntelliMark does not expect to elect the fair value option for any items.