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This excerpt taken from the DIS 10-Q filed Aug 1, 2007. EITF 06-3 In June 2006, the FASB issued Emerging Issues Task Force Issue No. 06-3, How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation) (EITF 06-3). EITF 06-3 indicates that the presentation of taxes within the scope of this issue on either a gross or net basis is an accounting policy decision that should be disclosed. The Company’s policy is to present the taxes collected from customers and remitted to governmental authorities on a net basis.
On August 1, 2007, the Company acquired all the outstanding shares of New Horizons Interactive, Ltd. (NHI), a Canadian company that operates clubpenguin.com, an online virtual world for children. The purchase price included upfront cash consideration of approximately $350 million and additional consideration of up to $350 million that may be paid if NHI achieves predefined earnings targets for calendar years 2008 and 2009.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF This excerpt taken from the DIS 10-Q filed May 8, 2007. EITF 06-3 In June 2006, the FASB issued Emerging Issues Task Force Issue No. 06-3, How Taxes Collected from Customers and Remitted to Governmental Authorities Should Be Presented in the Income Statement (That Is, Gross versus Net Presentation) (EITF 06-3). EITF 06-3 indicates that the presentation of taxes within the scope of this issue on either a gross or net basis is an accounting policy decision that should be disclosed. The Company’s policy is to present the taxes collected from customers and remitted to governmental authorities on a net basis.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF | EXCERPTS ON THIS PAGE:
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