US Airways 2008 Annual Report Download - page 76
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Table of Contents
our 7% senior convertible notes issued in 2005. Upon retrospective application in 2009, the adoption will also result in increases to 2005
through 2008 non-cash interest expense as well as non-cash losses on debt extinguishment related to the partial conversion of certain
notes to common stock in 2006. We do not believe the adoption of FSP APB 14-1 will materially impact our consolidated financial
statements.
In October 2008, the FASB issued FSP FAS 157-3, "Determining the Fair Value of a Financial Asset When the Market for That
Asset Is Not Active." FSP FAS 157-3 clarifies the application of SFAS No. 157 in a market that is not active and provides an example to
illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. FSP
FAS 157-3 is effective upon issuance, including prior periods for which financial statements have not been issued. Revisions resulting
from a change in the valuation technique or its application should be accounted for as a change in accounting estimate following the
guidance in SFAS No. 154, "Accounting Changes and Error Corrections." FSP FAS 157-3 is effective as of October 10, 2008, and the
application of FSP FAS 157-3 had no impact on our consolidated financial statements.
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