United Airlines 2008 Annual Report Download - page 78

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
UAL Corporation
Chicago, Illinois
We have audited the accompanying statements of consolidated financial position of UAL
Corporation and subsidiaries (the “Company”) as of December 31, 2008 and 2007, and the related
statements of consolidated operations, consolidated stockholders’ equity (deficit), and consolidated cash
flows for the years ended December 31, 2008 and 2007 and eleven months ended December 31, 2006
(Successor Company operations) and for the one month ended January 31, 2006 (Predecessor Company
operations). Our audits also included the financial statement schedule of the Successor Company for the
years ended December 31, 2008 and 2007 and eleven months ended December 31, 2006 and the
Predecessor Company for the one month ended January 31, 2006 as listed in the Index at Item 15. These
consolidated financial statements and financial statement schedule are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements and
financial statement schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
As discussed in Note 1 to the consolidated financial statements, on January 20, 2006, the
Bankruptcy Court entered an order confirming the plan of reorganization which became effective after
the close of business on February 1, 2006. Accordingly, the accompanying consolidated financial
statements have been prepared in conformity with AICPA Statement of Position 90-7, “Financial
Reporting by Entities in Reorganization Under the Bankruptcy Code,” for the Successor Company as a
new entity with assets, liabilities and a capital structure having carrying values not comparable with prior
periods as described in Note 1.
In our opinion, the Successor Company consolidated financial statements present fairly, in all
material respects, the financial position of UAL Corporation and subsidiaries as of December 31, 2008
and 2007, and the results of their operations and their cash flows for the years ended December 31, 2008
and 2007 and the eleven month period ended December 31, 2006 in conformity with accounting
principles generally accepted in the United States of America. Further, in our opinion, the Predecessor
Company consolidated financial statements present fairly, in all material respects, the results of
operations and cash flows of the Predecessor Company for the one month ended January 31, 2006, in
conformity with accounting principles generally accepted in the United States of America. Also, in our
opinion, such Successor Company financial statement schedule and Predecessor Company financial
statement schedule, when considered in relation to the basic consolidated financial statements taken as a
whole, present fairly in all material respects the information set forth therein.
As discussed in Note 1 to the consolidated financial statements on January 1, 2006, the Company
adopted Statement of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payment”
which changed the method of accounting for share based payments.
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