U-Haul 2007 Annual Report Download - page 81

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AMERCO AND CONSOLIDATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Recent 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, if any, will 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. The Company is currently
evaluating the impact of this statement on our Consolidated Financial Statements.
In February 2007 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
April 2008. The Company is currently evaluating the impact of this statement on our Consolidated Financial Statements.
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