U-Haul 2007 Annual Report Download - page 29

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23
R
f any,
w
The Company is currently evaluating the impact of this statement on our Consolidated Financial
St
l 2008. The Company is currently evaluating the impact of this statement on our
Consolidated Financial Statements.
ecent Accounting Pronouncements
In June 2006, the FASB issued a standard that addresses accounting for income taxes: FIN 48, Accounting for
Uncertainty in Income Taxes. Among other things, FIN 48 requires applying an audit sustainability standard of
“more likely than not” related to the recognition and de-recognition of tax positions. FIN 48 is effective for fiscal
years beginning after December 15, 2006. The Company is currently evaluating the effect that the adoption will
have on its Consolidated Financial Statements. The cumulative effect of applying the provisions of FIN 48, i
ill be reported as an adjustment to the opening balance of the Companies retained earnings at April 1, 2007.
In September 2006, the FASB issued SFAS 157, Fair Value Measurements which establishes how companies
should measure fair value when they are required to use a fair value measure for recognition or disclosure purposes
under GAAP. This statement is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those years. The provisions of SFAS 157 are effective for us in
April 2008.
atements.
In February 200,7 the FASB issued SFAS 159, The Fair Value Option for Financial Assets and Liabilities,
including an amendment of SFAS 115. This statement allows for a company to irrevocably elect fair value as the
measurement attribute for certain financial assets and financial liabilities. Changes in the fair value of such assets are
recognized in earnings. SFAS 159 is effective for fiscal years beginning after November 15, 2007. The provision of
SFAS 159 is effective for us in Apri