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VZ » Topics » FASB Staff Position FAS 13-2

This excerpt taken from the VZ 10-Q filed Oct 30, 2007.

FASB Staff Position FAS 13-2

FASB Staff Position FAS 13-2,  Accounting  for  a  Change  or Projected Change  in the  Timing of  Cash  Flows  Relating  to Income Taxes Generated by a Leveraged Lease Transaction (FSP 13-2), requires that changes in the projected timing of income tax cash flows generated by a leveraged lease transaction be recognized as a gain or loss  in the  year in which the  change occurs.  We adopted FSP 13-2 effective January 1, 2007. The cumulative effect of initially adopting FSP 13-2 was a reduction to retained earnings of $55 million, after-tax. There was no impact on our condensed consolidated income statement.

 

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