PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG PDF, 1.2 MB - Pfleiderer AG
86 being focused: being better In April 2002, the FASB issued SFAS 145, “Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections.” This statement re-regulates gains and losses on premature extinguishments of debt, as well as the treatment of transactions from financing leases which are treated as rental agreements in future due to modifications of the agreement. These transactions must be treated as sale and leaseback transactions in accordance with SFAS 98. SFAS 145 also contains diverse technical changes. The provisions of SFAS 145 are effective for fiscal years beginning after May 15, 2002, although they can be applied prior to this date. The Company will apply SFAS 145 from January 1, 2003. The Company does not expect the application of SFAS 145 to have a significant impact on the consolidated financial statements. In July 2002, the FASB issued SFAS 146 “Accounting for Costs Associated with Exit or Disposal Activities”, which annuls Emerging Issues Task Force (EITF) Issue 94-3, “Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs Incurred in a Restructuring).” SFAS 146 requires that expenses resulting from the exit or disposal of activities be first recognized when costs resulting from an obligation to a third party are incurred, and not at the point in time when the management has committed to an exit or disposal plan. These expenses include certain compensation payments to employees, costs incurred through early termination of contracts and costs related to the closure of plants or the relocation of employees. SFAS 146 also rules that the obligation be valued at fair market value and modified in accordance with estimated cash flows. The rules of the new statement are to be applied where there is a prospect of closure or sale of operations which will be initiated after December 31, 2002. The statement can be applied earlier. Calculations of any effects arising from application of SFAS 146 on the consolidated financial statements have not been concluded. The Company will apply the statement from January 1, 2003. In October 2002, the FASB issued SFAS 147 “Acquisitions of Certain Financial Institutions – an Amendment of FASB Statement No. 72 and 144 and FASB Interpretation No. 9.” This standard deals with how to account for the acquisition of a financial institution, as well as how to account for long-standing customer relationships as intangible assets in connection with SFAS 144 “Accounting for the Impairment or Disposal of Long-Lived Assets”. SFAS 147 must be applied to fiscal years starting after October 1, 2002. The Company will apply SFAS 147 with effect from January 1, 2003. Pfleiderer does not expect the application of SFAS 147 to have a significant impact on the consolidated financial statements. In December 2002, the FASB issued SFAS 148 “Accounting for Stock-Based Compensation – Transition and Disclosure”. SFAS 148 amends FASB Statement No. 123 “Accounting for Stock-Based Compensation” and offers alternative methods of transition to the fair-value method under SFAS 123. SFAS 148 also changes the disclosure requirements for the notes under SFAS 123 and APB Opinion No. 28 “Interim Financial Reporting”. Accordingly, in the summary of main accounting principles, the effect of the method of accounting chosen (either APB 25 or SFAS 123) on results and earnings per share with regard to employee subscription rights must be given in the annual and quarterly reports. SFAS 148 does not require the company to use the fair-value method pursuant to SFAS 123. However, all companies must prepare
consolidated financial statements notes pfleiderer ag 87 the notes in accordance with SFAS 148, irrespective of whether they apply APB 25 or SFAS 123. SFAS 148 must be applied to fiscal years ending after December 15, 2002. The Company continues to apply APB 25, but the information required under SFAS 148 has also been included in the notes to these consolidated financial statements. In November 2002, the FASB issued FASB Interpretation No. 45 “Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others”. The Interpretation will considerably change the current practice of accounting and reporting of sureties and guarantees in the notes. Sureties and guarantees which display the characteristics described in the Interpretation and do not fall under one of the exemptions must be accounted for at fair value. Previously, a liability only had to be recognized when a loss was probable and could be estimated (in accordance with FASB Statement No. 5 “Accounting for Contingencies”). Apart from that the Interpretation requires that essential details be given in the notes regarding practically all sureties and guarantees, even if the probability of them being taken up is considered slight. The accounting rules of Interpretation No. 45 must be applied to prospective guarantees and sureties which have been made or modified after December 31, 2002, irrespective of the fiscal year of the party issuing the surety or guarantee. The requirements relating to the notes must be applied to fiscal years ending after December 15, 2002. Pfleiderer has provided the appropriate details in the notes (see footnote 1, Section VII). Calculations of the possible effects of the accounting rules relating to guarantees in accordance with FASB Interpretation No. 45 have not been concluded.
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consolidated financial statements notes pfleiderer ag 87<br />
the notes in accordance with SFAS 148, irrespective of whether they apply APB 25 or SFAS<br />
123. SFAS 148 must be applied to fiscal years ending after December 15, 2002. The Company<br />
continues to apply APB 25, but the information required under SFAS 148 has also been included<br />
in the notes to these consolidated financial statements.<br />
In November 2002, the FASB issued FASB Interpretation No. 45 “Guarantor’s Accounting<br />
and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness<br />
of Others”. The Interpretation will considerably change the current practice of accounting and<br />
reporting of sureties and guarantees in the notes. Sureties and guarantees which display the<br />
characteristics described in the Interpretation and do not fall under one of the exemptions<br />
must be accounted for at fair value. Previously, a liability only had to be recognized when a loss<br />
was probable and could be estimated (in accordance with FASB Statement No. 5 “Accounting<br />
for Contingencies”). Apart from that the Interpretation requires that essential details be given<br />
in the notes regarding practically all sureties and guarantees, even if the probability of them<br />
being taken up is considered slight. The accounting rules of Interpretation No. 45 must be applied<br />
to prospective guarantees and sureties which have been made or modified after December<br />
31, 2002, irrespective of the fiscal year of the party issuing the surety or guarantee. The<br />
requirements relating to the notes must be applied to fiscal years ending after December 15,<br />
2002. <strong>Pfleiderer</strong> has provided the appropriate details in the notes (see footnote 1, Section VII).<br />
Calculations of the possible effects of the accounting rules relating to guarantees in accordance<br />
with FASB Interpretation No. 45 have not been concluded.
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