Jack In The Box 2008 Annual Report Download - page 80

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fair value measurements and is effective for fiscal years beginning after November 15, 2007 and interim periods
within those years. However, the effective date of SFAS 157 as it relates to fair value measurement requirements for
nonfinancial assets and liabilities that are not remeasured at fair value on a recurring basis is deferred to fiscal years
beginning after December 15, 2008 and interim periods within those years. We are currently in the process of
assessing the impact that SFAS 157 will have on our consolidated financial statements.
In September 2006, the FASB issued SFAS 158, Employers’ Accounting for Defined Benefit Pension and
Other Postretirement Plans — an amendment of FASB Statements No. 87, 88, 106 and 132(R). In fiscal 2007, we
adopted the recognition provisions of SFAS 158, which requires recognition of the overfunded or underfunded
status of a defined benefit plan as an asset or liability. SFAS 158 also requires that companies measure their plan
assets and benefit obligations at the end of their fiscal year. The measurement provision of SFAS 158 is effective for
fiscal years ending after December 15, 2008. We will not be able to determine the impact of adopting the
measurement provision of SFAS 158 until the end of the fiscal year when such valuation is completed.
In February 2007, the FASB issued SFAS 159, The Fair Value Option for Financial Assets and Financial
Liabilities. SFAS 159 permits entities to voluntarily choose to measure many financial instruments and certain other
items at fair value. SFAS 159 is effective for fiscal years beginning after November 15, 2007. We are currently in the
process of determining whether to elect the fair value measurement options available under this standard.
In March 2008, the FASB issued SFAS 161, Disclosures about Derivative Instruments and Hedging Activities,
which amends SFAS 133 and expands disclosures to include information about the fair value of derivatives, related
credit risks and a company’s strategies and objectives for using derivatives. SFAS 161 is effective for fiscal periods
beginning on or after November 15, 2008. We are currently in the process of assessing the impact that SFAS 161 will
have on the disclosures in our consolidated financial statements.
Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies
that do not require adoption until a future date are not expected to have a material impact on our consolidated
financial statements upon adoption.
F-34
JACK IN THE BOX INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)