Avis 2009 Annual Report Download - page 78

Table of Contents
about a business combination and its effects, and to amend current requirements for accounting for assets and liabilities arising from
contingencies in a business combination. The Company adopted this guidance as of January 1, 2009, as required, and it had no impact on its
financial statements at the time of adoption.
In December 2007, the FASB issued new guidance related to ASC topic 810, Consolidation
, to establish accounting and reporting standards
for the noncontrolling (minority) interest in a subsidiary and for the deconsolidation of a subsidiary. The Company adopted this guidance on
January 1, 2009, as required, and it had no impact on its financial statements at the time of adoption.
In March 2008, the FASB issued new guidance related to ASC topic 815, Derivatives and Hedging
, to require entities to provide qualitative
disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on
derivative contracts, and details of credit-risk-related contingent features in their hedged positions. The Company adopted this guidance on
January 1, 2009, as required, and it had no impact on its financial statements at the time of adoption; however, it did result in enhanced
disclosure of the Company’s derivatives.
In April 2008, the FASB issued new guidance related to ASC topic 350, Intangibles—Goodwill and Other , to amend the factors that should
be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset. The
Company adopted this guidance on January 1, 2009, as required, and it had no impact on its financial statements at the time of adoption.
In November 2008, the FASB issued new guidance related to ASC topic 320, Investments—Debt and Equity Securities , requiring an equity
method investor to account for its initial investment at cost and not to separately test an investee’s underlying indefinite-lived intangible
assets for impairment. It also requires an equity method investor to account for share issuances by an investee as if the investor had sold a
proportionate share of its investment. The resulting gain or loss shall be recognized in earnings. The Company adopted this guidance on
January 1, 2009, as required, and it had no impact on its financial statements at the time of adoption.
In December 2008, the FASB issued new guidance related to ASC topic 715, Compensation—Retirement Benefits , to provide additional
disclosures about pension plan assets and the Company’
s pension plan investment policy. The Company adopted this guidance on January 1,
2009, as required, and it had no impact on its financial statements at the time of adoption; however, it did result in enhanced disclosure about
the Company’s pension plans.
In April 2009, the FASB issued new guidance related to ASC topic 320, Investments—Debt and Equity Securities , to provide additional
guidance related to how to evaluate whether an impairment of a debt security is other than temporary and for recognition of any such
impairment in the financial statements. The Company adopted this guidance on June 30, 2009, as required, and it had no impact on its
financial statements.
In April 2009, FASB issued new guidance related to ASC topic 825, Financial Instruments , requiring a publicly traded entity to include
disclosures about the fair value of its financial instruments for its interim reporting periods as well as its annual financial statements. This
guidance applies prospectively for fiscal periods beginning on or after June 15, 2009. The Company adopted this guidance on June 30, 2009,
as required, and it did not have a significant impact on its financial statements; however, it did result in enhanced disclosure about the fair
value of financial instruments in the Company’s interim financial statements.
In May 2009, the FASB issued new guidance related to ASC topic 855, Subsequent Events , to establish general standards of accounting for
and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. The
Company adopted this guidance on June 30, 2009, as required, and it did not have a significant impact on its financial statements.
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