Rayovac 2009 Annual Report Download - page 176

Table of Contents
Index to Financial Statements SPECTRUM BRANDS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
of other assets and (b) intangible assets acquired in both business combinations and asset acquisitions. Entities estimating the useful life of a recognized
intangible asset must consider their historical experience in renewing or extending similar arrangements or, in the absence of historical experience, must
consider assumptions that market participants would use about renewal or extension. The new guidance requires certain additional disclosures in the
Company’s financial statements for the fiscal year that began October 1, 2009. The Company is in the process of evaluating the impact that the guidance
may have on its financial statements and related disclosures.
Employers’ Disclosures About Postretirement Benefit Plan Assets
In December 2008, the FASB issued new accounting guidance on employers’ disclosures about assets of a defined benefit pension or other
postretirement plan. It requires employers to disclose information about fair value measurements of plan assets. The objectives of the disclosures are to
provide an understanding of: (a) how investment allocation decisions are made, including the factors that are pertinent to an understanding of investment
policies and strategies, (b) the major categories of plan assets, (c) the inputs and valuation techniques used to measure the fair value of plan assets, (d) the
effect of fair value measurements using significant unobservable inputs on changes in plan assets for the period and (e) significant concentrations of risk
within plan assets. The disclosures required are effective for the Company’s financial statements for the fiscal year that began October 1, 2009. The
Company is in the process of evaluating the impact that the guidance may have on its financial statement disclosures.
Accounting for Transfers of Financial Assets
In June 2009, the FASB issued new accounting guidance to improve the information provided in financial statements concerning transfers of financial
assets, including the effects of transfers on financial position, financial performance and cash flows, and any continuing involvement of the transferor with
the transferred financial assets. The provisions are effective for the Company’s financial statements for the fiscal year beginning October 1, 2010. The
Company is in the process of evaluating the impact that the guidance may have on its financial statements and related disclosures.
Variable Interest Entities
In June 2009, the FASB issued new accounting guidance requiring an enterprise to perform an analysis to determine whether the enterprise’s variable
interest or interests give it a controlling financial interest in a variable interest entity. It also requires enhanced disclosures that will provide users of financial
statements with more transparent information about an enterprise’s involvement in a variable interest entity. The provisions are effective for the Company’s
financial statements for the fiscal year beginning October 1, 2010. The Company is in the process of evaluating the impact that the guidance may have on its
financial statements and related disclosures.
(z) Subsequent Events
During Fiscal 2009, the Company adopted ASC 855, “Subsequent Events,” formerly SFAS No. 165, Subsequent Events (“ASC 855”). ASC 855
establishes general standards of accounting and disclosures of events that occur after the balance sheet date but before financial statements are issued or are
available to be issued. The adoption of ASC 855 requires the Company to evaluate all subsequent events that occur after the balance sheet date through the
date and time the Company’s financial statements are issued. The Company has evaluated subsequent events through December 29, 2009, which is the date
these financial statements were issued.
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