Home Depot 2007 Annual Report Download - page 45

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Recent Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("SFAS 157"). SFAS 157 defines fair value, establishes a framework for measuring fair value in generally accepted
accounting principles and expands disclosures about fair value measurements. SFAS 157 applies under other accounting pronouncements that
require or permit fair value measurements, the FASB having previously concluded in those accounting pronouncements that fair value is the
relevant measurement attribute. Accordingly, SFAS 157 does not require any new fair value measurements. SFAS 157 becomes effective for
fiscal years beginning after November 15, 2007, and will therefore be effective for The Home Depot in fiscal 2008. Implementation of
SFAS 157 as it relates to the fair value measurements of nonfinancial assets and nonfinancial liabilities, except for items that are recognized or
disclosed at fair value in an entity's financial statements on a recurring basis, has been deferred to fiscal years beginning after November 15,
2008. The adoption of SFAS 157 in fiscal 2008 is not expected to have a material impact on the financial condition of the Company.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
The information required by this item is incorporated by reference to Item 7. "Management's Discussion and Analysis of Financial Condition and
Results of Operations" of this report.
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