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These excerpts taken from the SMG 10-K filed Dec 3, 2008. Critical
Accounting Policies and Estimates
Our discussion and analysis of financial condition and results
of operations is based upon the Company’s consolidated
financial statements, which have been prepared in accordance
with U.S. GAAP. Certain accounting policies are
particularly significant, including those related to revenue
recognition, goodwill and intangibles, certain employee
benefits, and income taxes. We believe these accounting
policies, and others set forth in “NOTE 1. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES” to the Consolidated
Financial Statements included in this Annual Report on
Form 10-K,
should be reviewed as they are integral to understanding our
results of operations and financial position. Our critical
accounting policies are reviewed periodically with the Audit
Committee of the Board of Directors of Scotts Miracle-Gro.
The preparation of financial statements requires management to
use judgment and make estimates that affect the reported amounts
of assets, liabilities, revenues and expenses and related
disclosures of contingent assets and liabilities. On an ongoing
basis, we evaluate our estimates, including those related to
customer programs and incentives, product returns, bad debts,
inventories, intangible assets, income taxes, restructuring,
environmental matters, contingencies and litigation. We base our
estimates on historical experience and on various other
assumptions that we believe to be reasonable under the
circumstances. Although actual results historically have not
deviated significantly from those determined using our
estimates, our results of operations or financial position could
differ, perhaps materially, from these estimates under different
assumptions or conditions.
Critical Accounting Policies and Estimates Our discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Certain accounting policies are particularly significant, including those related to revenue recognition, goodwill and intangibles, certain employee benefits, and income taxes. We believe these accounting policies, and others set forth in “NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” to the Consolidated Financial Statements included in this Annual Report on Form 10-K, should be reviewed as they are integral to understanding our results of operations and financial position. Our critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors of Scotts Miracle-Gro. The preparation of financial statements requires management to use judgment and make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to customer programs and incentives, product returns, bad debts, inventories, intangible assets, income taxes, restructuring, environmental matters, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Although actual results historically have not deviated significantly from those determined using our estimates, our results of operations or financial position could differ, perhaps materially, from these estimates under different assumptions or conditions. These excerpts taken from the SMG 10-K filed Nov 25, 2008. Critical
Accounting Policies and Estimates
Our discussion and analysis of financial condition and results
of operations is based upon the Company’s consolidated
financial statements, which have been prepared in accordance
with U.S. GAAP. Certain accounting policies are
particularly significant, including those related to revenue
recognition, goodwill and intangibles, certain employee
benefits, and income taxes. We believe these accounting
policies, and others set forth in “NOTE 1. SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES” to the Consolidated
Financial Statements included in this Annual Report on
Form 10-K,
should be reviewed as they are integral to understanding our
results of operations and financial position. Our critical
accounting policies are reviewed periodically with the Audit
Committee of the Board of Directors of Scotts Miracle-Gro.
The preparation of financial statements requires management to
use judgment and make estimates that affect the reported amounts
of assets, liabilities, revenues and expenses and related
disclosures of contingent assets and liabilities. On an ongoing
basis, we evaluate our estimates, including those related to
customer programs and incentives, product returns, bad debts,
inventories, intangible assets, income taxes, restructuring,
environmental matters, contingencies and litigation. We base our
estimates on historical experience and on various other
assumptions that we believe to be reasonable under the
circumstances. Although actual results historically have not
deviated significantly from those determined using our
estimates, our results of operations or financial position could
differ, perhaps materially, from these estimates under different
assumptions or conditions.
Critical Accounting Policies and Estimates Our discussion and analysis of financial condition and results of operations is based upon the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Certain accounting policies are particularly significant, including those related to revenue recognition, goodwill and intangibles, certain employee benefits, and income taxes. We believe these accounting policies, and others set forth in “NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES” to the Consolidated Financial Statements included in this Annual Report on Form 10-K, should be reviewed as they are integral to understanding our results of operations and financial position. Our critical accounting policies are reviewed periodically with the Audit Committee of the Board of Directors of Scotts Miracle-Gro. The preparation of financial statements requires management to use judgment and make estimates that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to customer programs and incentives, product returns, bad debts, inventories, intangible assets, income taxes, restructuring, environmental matters, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Although actual results historically have not deviated significantly from those determined using our estimates, our results of operations or financial position could differ, perhaps materially, from these estimates under different assumptions or conditions. This excerpt taken from the SMG 10-K filed Nov 29, 2007. Critical
Accounting Policies and Estimates
Our discussion and analysis of financial condition and results
of operations is based upon the Company’s consolidated
financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United
States of America (U.S. GAAP). Certain accounting policies
are particularly significant, including those related to revenue
recognition, goodwill and intangibles, certain employee
benefits, and income taxes. We believe these accounting
policies, and others set forth in Note 1 to the
Consolidated Financial Statements included in this Annual Report
on
Form 10-K,
should be reviewed as they are integral to understanding our
results of operations and financial position. Our critical
accounting policies are reviewed periodically with the Audit
Committee of our Board of Directors.
The preparation of financial statements requires management to
use judgment and make estimates that affect the reported amounts
of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. On an on-going
basis, we evaluate our estimates, including those related to
customer programs and incentives, product returns, bad debts,
inventories, intangible assets, income taxes, restructuring,
environmental matters, contingencies and litigation. We base our
estimates on historical experience and on various other
assumptions that we believe to be reasonable under the
circumstances. Although actual results historically have not
deviated significantly from those determined using our
estimates, our results of operations or financial position could
differ, perhaps materially, from these estimates under different
assumptions or conditions.
This excerpt taken from the SMG 10-K filed Dec 14, 2006. Critical
Accounting Policies and Estimates
Our discussion and analysis of financial condition and results
of operations is based upon the Company’s consolidated
financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United
States of America (U.S. GAAP). Certain accounting policies
are particularly significant, including those related to revenue
recognition, goodwill and intangibles, certain employee
benefits, and income taxes. We believe these accounting
policies, and others set forth in Note 1 of the Notes to
Consolidated Financial Statements, should be reviewed as they
are integral to understanding our results of operations and
financial position. Our critical accounting policies are
reviewed periodically with the Audit Committee of The Scotts
Miracle-Gro Company Board of Directors.
The preparation of financial statements requires management to
use judgment and make estimates that affect the reported amounts
of assets, liabilities, revenues and expenses, and related
disclosure of contingent assets and liabilities. On an on-going
basis, we evaluate our estimates, including those
Table of Contents
related to customer programs and incentives, product returns,
bad debts, inventories, intangible assets, income taxes,
restructuring, environmental matters, contingencies and
litigation. We base our estimates on historical experience and
on various other assumptions that we believe to be reasonable
under the circumstances. Although actual results historically
have not deviated significantly from those determined using our
estimates, our results of operations or financial position could
differ, perhaps materially, from these estimates under different
assumptions or conditions.
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