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This excerpt taken from the SMG 10-Q filed May 6, 2009. Measurements
On
October 1, 2008, the Company adopted SFAS No. 157, “Fair Value Measurements”
(“SFAS 157”). SFAS 157 defines fair value, establishes a framework for
measuring fair value, and expands disclosures about fair value measurements. The
effect of the adoption of SFAS 157 was not material and required no adjustment
to the Company’s financial condition or results of operations. Refer to “NOTE
12. FAIR VALUE MEASUREMENTS” for further information regarding the effect of the
adoption of SFAS 157 with respect to financial assets and liabilities. In
February 2008, the Financial Accounting Standards Board (the “FASB”) issued FASB
Staff Position 157-1, “Application of FASB Statement No. 157 to FASB
Statement No. 13 and Other Accounting Pronouncements That Address Fair
Value Measurements for Purposes of Lease Classification or Measurement under
Statement 13,” which removes leasing transactions accounted for under SFAS No.
13, “Accounting for Leases,” and related guidance from the scope of
SFAS 157. In February 2008, the FASB also issued FASB Staff Position 157-2,
“Effective Date of FASB Statement No. 157” (“FSP SFAS 157-2”), which
delays the effective date of SFAS 157 for all nonrecurring fair value
measurements of nonfinancial assets and nonfinancial liabilities until fiscal
years beginning after November 15, 2008. FSP SFAS 157-2 states
that a measurement is recurring if it happens at least annually and defines
nonfinancial assets and nonfinancial liabilities as all assets and liabilities
other than those meeting the definition of a financial asset or financial
liability in SFAS No. 159, “The Fair Value Option for Financial Assets and
Financial Liabilities-Including an amendment of FASB Statement No. 115”
(“SFAS 159”). The Company is completing its evaluation of the effect of FSP
SFAS 157-2 and does not expect it to have a material impact on the Company’s
financial condition or results of operations.
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