Cash America 2009 Annual Report Download - page 115

CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
87
a
There were no anti-dilutive shares for the years ended December 31, 2009, 2008 and 2007.
Recent Accounting Pronouncements
The FASB issued ASC 105-10-05, Generally Accepted Accounting Principles, which establishes the
Codification as the single source of authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the
Securities and Exchange Commission (“SEC”) under authority of federal securities laws are also sources of
GAAP for SEC registrants. The Codification supersedes all existing non-SEC accounting and reporting
standards.
GAAP is not intended to be changed as a result of the Codification, but the ASC does change the way
the guidance is organized and presented. As a result, these changes have a significant impact on how
companies reference GAAP in their financial statements and in their accounting policies for financial
statements issued for interim and annual periods ending after September 15, 2009. The Company has included
the references to the Codification, as appropriate, in these consolidated financial statements.
In September 2006, FASB issued ASC 820-10-20, Fair Value Measurements and Disclosures (“ASC
820-10-20”), which defines fair value to be the price that would be received when an asset is sold or paid
when a liability is transferred in an orderly transaction between market participants at the measurement date
and emphasizes that fair value is a market-based measurement, not an entity-specific measurement. It
establishes a fair value hierarchy and expands disclosures about fair value measurements in both interim and
annual periods. On January 1, 2008, the Company adopted ASC 820-10-20 for its financial assets and
financial liabilities, and on January 1, 2009, the Company adopted ASC 820-10-20 for its nonfinancial assets
and nonfinancial liabilities. The adoption of ASC 820-10-20 did not have a material impact on the
Company’s financial position or results of operations.
In October 2008, FASB issued ASC 820-10-65-2, Transition Related to FASB Staff Position FAS
157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active (“ASC
820-10-65-2”), which clarifies the application of ASC 820-10, Fair Value Measurements and Disclosures, as
it relates to the valuation of financial assets in a market that is not active for those financial assets. ASC 820-
10-65-2 became effective for the Company upon issuance and did not have a material impact on the
Company’s financial position or results of operations and did not materially affect how the Company
determines fair value, but has resulted in certain additional disclosures. See Note 19.
In December 2007, FASB issued ASC 810-10-65, Transition Related to FASB Statement No. 160,
Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51 (“ASC 810-
10-65”), which establishes accounting and reporting standards for the noncontrolling interest in a subsidiary
and for the deconsolidation of a subsidiary. ASC 810-10-65 clarifies that a noncontrolling interest in a
subsidiary is an ownership interest in the consolidated entity that should be reported as a component of equity
in the consolidated financial statements. Among other requirements, ASC 810-10-65 requires consolidated net
income to be reported at amounts that include the amounts attributable to both the parent and the
noncontrolling interest. It also requires disclosure, on the face of the consolidated income statement, of the
amounts of consolidated net income attributable to the parent and to the noncontrolling interest. ASC 810-10-
65 is effective for financial statements issued for fiscal years beginning on or after December 15, 2008. The
Company adopted ASC 810-10-65 on January 1, 2009 for disclosures relating to its interest in Prenda Fácil,