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McKESSON CORPORATION
FINANCIAL NOTES (Continued)
76
Newly Issued Accounting Pronouncements: In December 2007, the FASB issued SFAS No. 141 (revised 2007),
“Business Combinations.” SFAS No. 141(R) amends SFAS No. 141, “Business Combinations” and provides
revised guidance for recognizing and measuring identifiable assets and goodwill acquired, liabilities assumed and
any noncontrolling interest in the acquiree. Additionally, this SFAS provides disclosure requirements to enable
users of the financial statements to evaluate the nature and financial effects of the business combination. SFAS No.
141(R) is effective for all business combinations for which the acquisition date is on or after April 1, 2009 with the
exception of the accounting for valuation allowances on deferred taxes and acquired tax contingencies. SFAS No.
141(R) amends SFAS No. 109, “Accounting for Income Taxes,” such that adjustments made to valuation
allowances on deferred taxes and acquired tax contingencies related to acquisitions prior to the effective date of
SFAS No. 141(R) are also required to apply the provisions of this standard. Early adoption of this SFAS was not
permitted. This SFAS will not have a material impact on our consolidated financial statements upon adoption;
however, the SFAS will have an impact on any future acquisitions.
In April 2009, the FASB issued FSP No. FAS 141(R)-1, “Accounting for Assets Acquired and Liabilities
Assumed in a Business Combination That Arise from Contingencies.” FSP No. FAS 141(R)-1 amends and clarifies
SFAS No. 141(R) to address application issues raised on the initial recognition and measurement, subsequent
measurement and accounting and disclosure of assets and liabilities arising from contingencies in a business
combination. This FSP applies to all assets acquired and liabilities assumed in a business combination that arise
from contingencies that would be within the scope of SFAS No. 5, “Accounting for Contingencies,” if not acquired
or assumed in a business combination, except for assets or liabilities arising from contingencies that are subject to
specific guidance in SFAS No. 141(R). For us, FSP No. FAS 141(R)-1 will be effective for assets and liabilities
arising from contingencies in business combinations for which the acquisition date is on or after April 1, 2009. This
FSP will not have a material impact on our consolidated financial statements upon adoption; however, the FSP will
have an impact on any future acquisitions.
In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial
Statements — an amendment of ARB No. 51.” This statement requires reporting entities to present noncontrolling
interests as equity (as opposed to a liability or mezzanine equity) and provides guidance on the accounting for
transactions between an entity and noncontrolling interests. This SFAS becomes effective for us on April 1, 2009.
This SFAS will not have a material impact on our consolidated financial statements upon adoption; however, the
SFAS may have an impact on any future investments or divestitures of our investments.
In April 2008, the FASB issued FSP No. FAS 142-3, “Determination of the Useful Life of Intangible Assets.”
FSP No. FAS 142-3 amends the factors that should be considered in developing renewal or extension assumptions
used to determine the useful life of a recognized intangible asset under SFAS No. 142, “Goodwill and Other
Intangible Assets.” This FSP becomes effective for us on April 1, 2009. We do not currently anticipate that this
FSP will have a material impact on our consolidated financial statements upon adoption.
In June 2008, the FASB issued FSP No. EITF 03-6-1, “Determining Whether Instruments Granted in Share-
Based Payment Transactions Are Participating Securities.” FSP No. EITF 03-6-1 concluded that unvested share-
based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or
unpaid) are participating securities and shall be included in the computation of basic earnings per share pursuant to
the two-class method. This FSP becomes effective for us on April 1, 2009. Early adoption of the FSP was not
permitted; however, it will apply retrospectively to our earnings per share as previously reported. We do not
currently anticipate that this FSP will have a material impact on our consolidated financial statements upon
adoption.
In December 2008, the FASB issued FSP No. FAS 132(R)-1, “Employers’ Disclosures about Postretirement
Benefit Plan Assets.” FSP No. FAS 132(R)-1 amends FAS No. 132 (revised 2003), “Employers’ Disclosures about
Pensions and Other Postretirement Benefits,” to provide guidance on an employer’s disclosures about plan assets of
a defined benefit pension or other postretirement plan. This FSP will become effective for us in 2010. We do not
currently anticipate that this SFAS will have a material impact on our consolidated financial statements upon
adoption.