Kodak 2008 Annual Report Download - page 67

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FSP 133-1 and FIN 45-4
In September 2008, the FASB issued FSP 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An
Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement
No. 161” (“FSP 133-1 and FIN 45-4”). FSP 133-1 and FIN 45-4 amends and enhances disclosure requirements for sellers of credit
derivatives and financial guarantees. It also clarifies that the disclosure requirements of SFAS No. 161 are effective for quarterly
periods beginning after November 15, 2008, and fiscal years that include those period. FSP 133-1 and FIN 45-4 is effective for
reporting periods (annual or interim) ending after November 15, 2008. The implementation of this standard did not have a material
impact on the Company’s Consolidated Financial Statements.
FASB Statement No. 161
In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities – an amendment
of FASB Statement No. 133.” This Statement amends and expands the disclosure requirements for derivative instruments and
hedging activities, with the intent to provide users of financial statements with an enhanced understanding of how and why an entity
uses derivative instruments, how derivative instruments and related hedged items are accounted for, and how derivative instruments
and related hedged items affect an entity’s financial statements. SFAS No. 161 is effective for fiscal years and interim periods
beginning after November 15, 2008. This statement is effective for the Company beginning in 2009 and will only impact its
disclosures. It will have no impact on the Company’s Consolidated Financial Statements.
FASB Statement No. 162
In May 2008, the FASB issued Statement No. 162, “The Hierarchy of Generally Accepted Accounting Principles” (“FAS 162”). FAS
162 identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of
financial statements that are presented in conformity with generally accepted accounting principles in the United States. FAS 162 is
effective 60 days following the SEC’s approval of the Public Company Accounting Oversight Board amendments to AU Section 411,
“The Meaning of ‘Present Fairly in Conformity with Generally Accepted Accounting Principles’. ” FAS 162 is not expected to have a
material impact on the Company’s Consolidated Financial Statements.
FSP EITF 03-6-1
In June 2008, the FASB released FSP EITF 03-6-1 on Emerging Issues Task Force Issue 03-6, “Participating Securities and the
Two-Class Method under FASB Statement No. 128” (“EITF 03-6”). The staff position concludes that unvested share-based payment
awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities as defined in EITF 03-6; and
therefore, should be included in computing earnings per share using the two-class method. The staff position will be effective for the
Company beginning in 2009. FSP EITF 03-6-1 is not expected to have a material impact on the Company’s earnings per share.
FSP FASB No. 132(R)-1
In December 2008, the FASB issued FSP FAS 132(R)-1, “Employers’ Disclosure about Postretirement Benefit Plan Assets,” which
amends Statement 132(R) to require more detailed disclosures about employers’ pension plan assets. New disclosures will include
more information on investment strategies, major categories of plan assets, concentrations of risk within plan assets and valuation
techniques used to measure the fair value of plan assets. This new standard requires new disclosures only, and will have no impact
on the Company’s Consolidated Financial Statement. These new disclosures will be required for the Company beginning in the 2009
Form 10-K.