Nokia 2006 Annual Report Download - page 214

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Notes to the Consolidated Financial Statements (Continued)
38. Differences between International Financial Reporting Standards and US Generally
Accepted Accounting Principles (Continued)
In September 2006, the FASB issued FAS 157, Fair Value Measurements. FAS 157 provides guidance on
the measurement of fair value in US GAAP and expands fair value measurement disclosures. FAS 157
is applicable whenever other accounting pronouncements require or permit fair value measurements
and does not expand the use of fair value in any new circumstances. The Group will apply this
standard for annual periods beginning January 1, 2007. The Group is currently evaluating the
potential impact that the adoption of FAS 157 will have on its consolidated financial statements.
In February 2007, the FASB issued FAS 159, The Fair Value Option for Financial Assets and Financial
Liabilities, Including an Amendment of FASB Statement No. 115 (FAS 159). FAS 159 permits entities to
measure many financial instruments and certain other assets and liabilities at fair value on an
instrumentbyinstrument basis. The Group will apply this standard for annual periods beginning
January 1, 2008. The Group is currently evaluating the potential impact that the adoption of FAS 159
will have on its consolidated financial statements.
F79