Quest Diagnostics 2009 Annual Report Download - page 68
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Inflation
We believe that inflation generally does not have a material adverse effect on our results of operations or
financial condition because the majority of our contracts are short term.
Impact of New Accounting Standards
In June 2009, the Financial Accounting Standards Board (“FASB”) issued a statement to amend a FASB
interpretation on variable interest entities. In October 2009, the FASB issued an amendment to the accounting
standards related to the accounting for revenue in arrangements with multiple deliverables, and an amendment to
the accounting standards related to certain revenue arrangements that include software elements. In January 2010,
the FASB issued an amendment to the accounting standards related to the disclosures about an entity’s use of fair
value measurements. The impact of these accounting standards is discussed in Note 2 to the Consolidated
Financial Statements.
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