OfficeMax 2007 Annual Report Download - page 47

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recognized in current earnings. SFAS 159 is effective beginning January 1, 2008. The Company is
currently evaluating the impact of the provisions of SFAS 159.
In December 2007, the FASB issued SFAS No. 141R, ‘‘Business Combinations.’’ This statement
amends SFAS No. 141 and provides revised guidance for recognizing and measuring assets
acquired and liabilities assumed in a business combination. This statement also requires that
transaction costs in a business combination be expensed as incurred. SFAS No. 141R applies
prospectively to business combinations for which the acquisition date is on or after the beginning of
the first annual reporting period beginning on or after December 15, 2008. SFAS No. 141R will
impact the accounting for business combinations completed beginning January 1, 2009.
In December 2007, the FASB issued SFAS No. 160, ‘‘Noncontrolling Interests in Consolidated
Financial Statements.’’ SFAS 160 requires noncontrolling interests (previously referred to as minority
interests) to be treated as a separate component of equity, not as a liability or other item outside of
permanent equity. SFAS 160 applies to the accounting for noncontrolling interests and transactions
with noncontrolling interest holders in consolidated financial statements and is effective for periods
beginning on or after December 15, 2008. Earlier application is prohibited. SFAS No. 160 will be
applied prospectively to all noncontrolling interests, including those that arose before the effective
date, except that comparative prior period information must be recast to classify noncontrolling
interests in equity and provide other disclosures required by SFAS No. 160. The Company is
currently evaluating the impact of the provisions of SFAS 160.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
Information concerning quantitative and qualitative disclosures about market risk is included
under the caption ‘‘Disclosures of Financial Market Risks’’ in ‘‘Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations’’ in this Form 10-K and is
incorporated by reference herein.
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