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23. New Accounting Pronouncements (Unaudited)
SFAS No. 157 — Fair Value Measurements
In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements, which defines fair value,
establishes a framework for measuring fair value, and expands disclosures about fair value measurements.
SFAS No. 157 will be effective for the Company beginning January 1, 2008. We do not currently expect the
adoption of SFAS No. 157 on January 1, 2008 to have a material impact on our consolidated financial statements.
However, we are continuing to assess the potential effects of SFAS No. 157 as additional guidance becomes
available.
SFAS No. 159 — Fair Value Option for Financial Assets and Financial Liabilities
In February 2007, the FASB issued SFAS No. 159, Fair Value Option for Financial Assets and Financial
Liabilities —Including an amendment of FASB Statement No. 115, which permits entities to choose to measure
many financial instruments and certain other items at fair value. SFAS No. 159 will be effective for the Company
beginning January 1, 2008. The Company has elected not to measure eligible items at fair value upon initial
adoption and does not believe the adoption of this statement will have a material impact on its consolidated financial
statements.
SFAS No. 141(R) — Business Combinations
In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations, which establishes
principles and requirements for how the acquirer recognizes and measures in the financial statements the
identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree. This statement
also provides guidance for recognizing and measuring the goodwill acquired in the business combination and
determines what information to disclose to enable users of the financial statements to evaluate the nature and
financial effects of the business combination. SFAS No. 141(R) will be effective for the Company beginning
January 1, 2009. We are currently evaluating the effect the adoption of SFAS No. 141(R) will have on our
accounting and reporting for future acquisitions.
SFAS No. 160 — Noncontrolling Interests in Consolidated Financial Statements — an amendment of
ARB No. 51
In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial
Statements — an amendment of ARB No. 51, which establishes accounting and reporting standards for the
noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling
interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the
consolidated financial statements. SFAS No. 160 will be effective for the Company beginning January 1, 2009. We
are currently evaluating the effect the adoption of SFAS 160 will have on our consolidated financial statements.
115
WASTE MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)