TPTX » Topics » (2) Adoption of New Accounting Standards

This excerpt taken from the TPTX 10-Q filed Nov 12, 2008.

(2) Adoption of New Accounting Standards

On January 1, 2008 we adopted the provisions of Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements, which provides a single definition of fair value, a framework for measuring fair value, and expanded disclosures concerning fair value. Previously, different definitions of fair value were contained in various accounting pronouncements creating inconsistencies in measurement and disclosures. SFAS No. 157 applies under those previously issued pronouncements that prescribe fair value as the relevant measure of value, except Statement No. 123R and related interpretations and pronouncements that require or permit measurement similar to fair value but are not intended to measure fair value.

On January 1, 2008, we adopted the provisions of SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities—Including an Amendment of FASB Statement No. 115. This standard permits an entity to choose to measure many financial instruments and certain other items at fair value. Under SFAS No. 159, we elected to apply the fair value option to our investment in OXIS International, Inc. (“investment in OXIS”). See Note 6 for more information regarding this investment and the election of SFAS No. 157 and SFAS No. 159.

This excerpt taken from the TPTX 10-Q filed Aug 12, 2008.

(2) Adoption of New Accounting Standards

On January 1, 2008 we adopted the provisions of Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements, which provides a single definition of fair value, a framework for measuring fair value, and expanded disclosures concerning fair value. Previously, different definitions of fair value were contained in various accounting pronouncements creating inconsistencies in measurement and disclosures. SFAS No. 157 applies under those previously issued pronouncements that prescribe fair value as the relevant measure of value, except Statement No. 123R and related interpretations and pronouncements that require or permit measurement similar to fair value but are not intended to measure fair value.

On January 1, 2008, we adopted the provisions of SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities—Including an Amendment of FASB Statement No. 115. This standard permits an entity to choose to measure many financial instruments and certain other items at fair value. Under SFAS No. 159, we elected to apply the fair value option to our investment in OXIS International, Inc. (“investment in OXIS”).

See Note 5 for more information regarding this investment and the election of SFAS No. 157 and SFAS No. 159.

This excerpt taken from the TPTX 10-Q filed May 13, 2008.

(2) Adoption of New Accounting Standards

 

On January 1, 2008 we adopted the provisions of Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements, which provides a single definition of fair value, a framework for measuring fair value, and expanded disclosures concerning fair value. Previously, different definitions of fair value were contained in various accounting pronouncements creating inconsistencies in measurement and disclosures.  SFAS No. 157 applies under those previously issued pronouncements that prescribe fair value as the relevant measure of value, except Statement No. 123R and related interpretations and pronouncements that require or permit measurement similar to fair value but are not intended to measure fair value.

 

On January 1, 2008, we adopted the provisions of SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities—Including an Amendment of FASB Statement No. 115. This standard permits an entity to choose to measure many financial instruments and certain other items at fair value.  Under SFAS No. 159, we elected to apply the fair value option to our investment in OXIS International, Inc. (“investment in OXIS”).

 

See Note 5 for more information regarding this investment and the election of SFAS No. 157 and SFAS No. 159.

 

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