FairPoint Communications 2004 Annual Report Download - page 537

In April 2002, the FASB issued No. 145, "Rescission of FASB Statements No.4, 44, and 64, Amendment of FASB Statement No.13,
and Technical Corrections." SFAS No. 145 rescinds FASB Statement No.4, "Reporting Gains and Losses from Extinguishment of Debt,"
and an amendment of that Statement, FASB Statement No.64, "Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements."
SFAS No. 145 also rescinds FASB Statement No. 44, "Accounting for Intangible Assets of Motor Carriers," and amends FASB Statement
No. 13, "Accounting for Leases."
In June 2002, the FASB issued SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities," SFAS No. 146
requires companies to recognize costs associated with exit or disposal activities when they are incurred rather than at the date of a
commitment to an exit or disposal plan.
In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others." This interpretation elaborates on the disclosures required in financial statements
concerning obligations under certain guarantees. It also clarifies the requirements related to the recognition of liabilities by a guarantor at the
inception of certain guarantees. The disclosure requirements of this interpretation were effective on December 31, 2002. No disclosures were
required at December 31, 2002.
The Partnership has not yet determined the impact the adoption of these Standards will have on its financial position, results of
operations, and cash flows.