Banana Republic 2011 Annual Report Download - page 47

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At any point in time, many tax years are subject to or in the process of being audited by various taxing authorities.
To the extent our estimates of settlements change or the final tax outcome of these matters is different from the
amounts recorded, such differences will impact the income tax provision in the period in which such
determinations are made. Our income tax expense includes changes in our estimated liability for exposures
associated with our various tax filing positions. Determining the income tax expense for these potential
assessments requires management to make assumptions that are subject to factors such as proposed
assessments by tax authorities, changes in facts and circumstances, issuance of new regulations, and resolution of
tax audits.
We believe the judgments and estimates discussed above are reasonable. However, if actual results are not
consistent with our estimates or assumptions, we may be exposed to losses or gains that could be material.
Recent Accounting Pronouncements
See Item 8, Financial Statements and Supplementary Data, Note 1 of Notes to Consolidated Financial Statements
for recent accounting pronouncements, including the expected dates of adoption and estimated effects on our
financial position, results of operations, and cash flows.
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