Honeywell 2002 Annual Report Download - page 241
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143, "Accounting for Asset Retirement Obligations" (SFAS No. 143), the
provisions of which are effective for us on January 1, 2003. SFAS No. 143
requires entities to recognize the fair value of a liability for tangible
long-lived asset retirement obligations in the period incurred, if a reasonable
estimate of fair value can be made. We estimate that our adoption of SFAS No.
143 as of January 1, 2003 will result in a cumulative effect expense adjustment
of approximately $35 million.
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" (FIN 45), which expands previously issued
accounting guidance and disclosure requirements for certain guarantees. FIN 45
requires us to recognize an initial liability for the fair value of an
obligation assumed by issuing a guarantee. The disclosure provisions of FIN 45
are
46