Google 2007 Annual Report Download - page 91

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Google Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used
to classify the source of the information. SFAS 157 is effective for fiscal years beginning after November 15, 2007.
However, on December 14, 2007, the FASB issued proposed FSP FAS 157-b which would delay the effective date of
SFAS 157 for all nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at fair value
in the financial statements on a recurring basis (at least annually). This proposed FSP partially defers the effective date of
Statement 157 to fiscal years beginning after November 15, 2008, and interim periods within those fiscal years for items
within the scope of this FSP. Effective for 2008, we will adopt SFAS 157 except as it applies to those nonfinancial assets
and nonfinancial liabilities as noted in proposed FSP FAS 157-b. The partial adoption of SFAS 157 will not have a material
impact on our consolidated financial position, results of operations or cash flows.
In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities-
including an Amendment of FASB Statement No. 115 (“SFAS 159”), which allows an entity to choose to measure certain
financial instruments and liabilities at fair value. Subsequent measurements for the financial instruments and liabilities an
entity elects to fair value will be recognized in earnings. SFAS 159 also establishes additional disclosure requirements.
SFAS 159 is effective for us beginning January 1, 2008. We are currently evaluating the potential impact of the adoption of
SFAS 159 on our consolidated financial position, results of operations or cash flows.
In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations (“SFAS 141R”).
SFAS 141R establishes principles and requirements for how an acquirer recognizes and measures in its financial
statements the identifiable assets acquired, the liabilities assumed, any noncontrolling interest in the acquiree and the
goodwill acquired. SFAS 141R also establishes disclosure requirements to enable the evaluation of the nature and financial
effects of the business combination. This statement is effective for us beginning January 1, 2009. We are currently
evaluating the potential impact of the adoption of SFAS 141R on our consolidated financial position, results of operations
or cash flows.
In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements—an
amendment of Accounting Research Bulletin No. 51 (“SFAS 160”). SFAS 160 establishes accounting and reporting standards
for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income
attributable to the parent and to the noncontrolling interest, changes in a parent’s ownership interest, and the valuation of
retained noncontrolling equity investments when a subsidiary is deconsolidated. SFAS 160 also establishes disclosure
requirements that clearly identify and distinguish between the interests of the parent and the interests of the
noncontrolling owners. This statement is effective for us beginning January 1, 2009. We are currently evaluating the
potential impact of the adoption of SFAS 160 on our consolidated financial position, results of operations or cash flows.
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