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MetroPCS Communications, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
December 31, 2008, 2007 and 2006
F-15
Recent Accounting Pronouncements
In December 2007, the FASB issued SFAS No. 141(R), “Business Combinations,” (“SFAS No. 141(R)”), which
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 No. 141(R) also establishes disclosure requirements to enable the evaluation of the nature and
financial effects of the business combination. SFAS No. 141(R) is effective for financial statements issued for fiscal
years beginning after December 15, 2008 and early adoption is prohibited. The implementation of this standard did
not have a material impact on the Company’s financial condition or results of operations.
In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial
Statements,” (“SFAS No. 160”), which 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 No. 160 also establishes disclosure
requirements that clearly identify and distinguish between the interests of the parent and the interests of the
noncontrolling owners. SFAS No. 160 is effective for financial statements issued for fiscal years beginning after
December 15, 2008 and early adoption is prohibited. The implementation of this standard did not have a material
impact on the Company’s financial condition or results of operations.
In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging
Activities, an amendment of FASB Statement No. 133,” (“SFAS No. 161”). SFAS No. 161 requires enhanced
disclosures about a company’s derivative and hedging activities. These enhanced disclosures will discuss (a) how
and why a company uses derivative instruments, (b) how derivative instruments and related hedged items are
accounted for under FASB Statement No. 133 and its related interpretations and (c) how derivative instruments and
related hedged items affect a company’s financial position, results of operations and cash flows. SFAS No. 161 is
effective for fiscal years beginning on or after November 15, 2008, with earlier adoption allowed. The
implementation of this standard did not have a material impact on the Company’s financial condition or results of
operations.
In April 2008, the FASB issued FSP SFAS No. 142-3, “Determination of the Useful Life of Intangible Assets,”
(“FSP SFAS No. 142-3”). FSP SFAS No. 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.” FSP SFAS No. 142-3 is effective for fiscal years beginning after
December 15, 2008. The implementation of this standard did not have a material impact on the Company’s
financial condition or results of operations.
In October 2008, the FASB issued FSP SFAS No. 157-3 “Determining Fair Value of a Financial Asset in a
Market That Is Not Active,” (“FSP SFAS No. 157-3”). FSP SFAS No. 157-3 clarified the application of SFAS No.
157 in an inactive market. It demonstrates how the fair value of a financial asset is determined when the market for
that financial asset is inactive. FSP SFAS No. 157-3 was effective upon issuance, including prior periods for which
financial statements had not been issued. The implementation of this standard did not have a material impact on the
Company’s financial condition or results of operations.
In November 2008, the FASB issued EITF No. 08-6, “Equity Method Investment Accounting Considerations,”
(“EITF No. 08-6”). EITF 08-6 clarifies the accounting treatment for certain transactions and impairment
considerations involving equity method investments. EITF No. 08-6 is effective for fiscal years and interim periods
beginning on or after December 15, 2008, consistent with the effective dates of SFAS No. 141(R) and SFAS No.
160. The implementation of this standard did not have a material impact on the Company’s financial condition or
results of operations.