Bed, Bath and Beyond 2008 Annual Report Download - page 37

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BED BATH & BEYOND 2008 ANNUAL REPORT
35
The Board of Directors and Shareholders
Bed Bath & Beyond Inc.:
We have audited the accompanying consolidated balance sheets of Bed Bath & Beyond Inc. and subsidiaries (the Company) as
of February 28, 2009 and March 1, 2008, and the related consolidated statements of earnings, shareholders’ equity, and cash flows
for each of the fiscal years in the three-year period ended February 28, 2009. In connection with our audits of the consolidated
financial statements, we have also audited the financial statement schedule. These consolidated financial statements and financial
statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
consolidated financial statements and financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial state-
ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial posi-
tion of Bed Bath & Beyond Inc. and subsidiaries as of February 28, 2009 and March 1, 2008, and the results of their operations and
their cash flows for each of the fiscal years in the three-year period ended February 28, 2009, in conformity with U.S. generally
accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the
basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
As discussed in the Notes to the consolidated financial statements, the Company changed its methods of accounting for the fair
value option for certain financial assets and financial liabilities and for fair value measurements in the fiscal year ended February
28, 2009 due to the adoption of Statement of Financial Accounting Standards (“SFAS”) No. 159, “The Fair Value Option for
Financial Assets and Financial Liabilities-Including an amendment of FASB Statement No. 115” and SFAS No. 157, “Fair Value
Measurements”. Further, as discussed in the Notes to the consolidated financial statements, the Company changed its method
of accounting for uncertain tax positions in the fiscal year ended March 1, 2008 due to the adoption of the provisions of
FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement No. 109”.
Wealso have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States),
the Company’sinternal control over financial reporting as of February 28, 2009, based on criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and
our report dated April 28, 2009 expressed an unqualified opinion on the effectiveness of the Company’s internal control over
financial reporting.
ShortHills, New Jersey
April 28, 2009
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM