Twenty-First Century Fox 2005 Annual Report Download - page 64

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NEWS CORPORATION
In December 2004, the FASB issued SFAS No. 153, “Exchanges of Nonmonetary Assets – an amendment of APB Opinion No. 29.” This
standard amends APB Opinion No. 29, “Accounting for Nonmonetary Transactions”, by eliminating the exception to fair value measurement for
exchanges of similar productive assets and replaces it with a general exception for exchange transactions that do not have commercial
substance – that is, transactions that are not expected to result in significant changes in the cash flows of the reporting entity. SFAS No. 153
will become effective for the Company for nonmonetary asset exchanges occurring after the first quarter of fiscal 2006. The Company does not
expect the adoption of SFAS No. 153 to have a material effect on its financial position, results of operation or cash flows.
In May 2005, the FASB issued SFAS No. 154, “Accounting Changes and Error Corrections – a replacement of APB Opinion No. 20 and
FASB Statement No. 3.” This standard establishes, unless impracticable, retrospective application as the required method for reporting a change
in accounting principle in the absence of explicit transition requirements specific to the newly adopted accounting principle. SFAS No. 154 will
become effective for the Company for accounting changes and corrections of errors beginning in fiscal 2007.
>63<