eTrade 2008 Annual Report Download - page 107

SFAS No. 160—Noncontrolling Interests in Consolidated Financial Statements
In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial
Statements. This statement applies to all entities that prepare consolidated financial statements, except
not-for-profit organizations, but will affect only those entities that have an outstanding noncontrolling interest in
one or more subsidiaries or that deconsolidate a subsidiary. This Statement will be applied prospectively as of the
beginning of the fiscal year in which this Statement is initially adopted, or January 1, 2009 for the Company. The
Company does not expect the adoption of this statement to have a material impact its financial condition, results
of operations or cash flows in future periods.
SFAS No. 161—Disclosures About Derivative Instruments and Hedging Activities
In March 2008, the FASB issued SFAS No. 161, Disclosures About Derivative Instruments and Hedging
Activities. This statement establishes, among other things, the disclosure requirements for derivative instruments
and hedging activities. This statement is effective at the beginning of an entity’s first interim period beginning
after November 15, 2008, or January 1, 2009 for the Company. The Company’s disclosures about derivative
instruments and hedging activities will reflect the adoption of this statement in the first quarter of 2009.
SFAS No. 162—The Hierarchy of Generally Accepted Accounting Principles
In May 2008, the FASB issued SFAS No. 162, The Hierarchy of Generally Accepted Accounting Principles.
This statement identifies the sources of accounting principles and the framework for selecting the principles to be
used in the preparation of financial statements that are presented in conformity with GAAP. This statement will
be effective 60 days following the SEC’s approval of the Public Company Accounting Oversight Board
amendments to AU Section 411, The Meaning of Present Fairly in Conformity With Generally Accepted
Accounting Principles. The Company does not expect the adoption of this statement to have a material impact on
its financial condition, results of operations or cash flows in future periods.
FSP No. FAS 140-3—Accounting for Transfers of Financial Assets and Repurchase Financing Transactions
In February 2008, the FASB issued FSP No. FAS 140-3, Accounting for Transfers of Financial Assets and
Repurchase Financing Transactions (“FSP No. FAS 140-3”). FSP No. FAS 140-3 applies to repurchase
agreements that relate to previously transferred financial assets between the same counterparties that are entered
into contemporaneously with, or in contemplation of, the initial transfer (“repurchase financings”). FSP
No. FAS 140-3 is effective for fiscal years beginning after November 15, 2008, or January 1, 2009 for the
Company, and will be applied prospectively to initial transfers and repurchase financings for which the initial
transfer is executed on or after January 1, 2009. The Company does not expect the adoption of this FSP to have a
material impact on its financial condition, results of operations or cash flows in future periods.
FSP No. FAS 142-3—Determination of the Useful Life of Intangible Assets
In April 2008, the FASB issued FSP No. FAS 142-3, Determination of the Useful Life of Intangible Assets
(“FSP No. FAS 142-3”). FSP No. FAS 142-3 applies to recognized intangible assets that are accounted for
pursuant to SFAS No. 142. FSP No. FAS 142-3 is effective for fiscal years beginning after December 15, 2008,
or January 1, 2009 for the Company. The guidance for determining the useful life of a recognized intangible asset
will be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements
will be applied prospectively to all intangible assets recognized as of, and subsequent to, the effective date. The
Company does not expect the adoption of this FSP to have a material impact on its financial condition, results of
operations or cash flows in future periods.
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