Sunbeam 2009 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2009 Sunbeam annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2009
(Dollars in millions, except per share data and unless otherwise indicated)
2. New Accounting Guidance and Adoption of New Accounting Guidance
New Accounting Guidance
In January 2010, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2010-06, which
requires companies to provide additional disclosures related to transfers in and out of Level 1 and Level 2 and in the reconciliation of Level
3 fair value measurements. ASU 2010-06 is effective for interim and annual reporting periods years beginning on or after December 15,
2009, except for the disclosures related to the reconciliation of Level 3 fair value measurements, which will be effective for fiscal years
beginning on or after December 15, 2010, and for interim periods within those fiscal years. Since ASU 2010-06 requires only additional
disclosures, the adoption of ASU 2010-06 will not affect the consolidated financial position, results of operations or cash flows of the
Company.
In October 2009, the FASB issued ASU 2009-13, which requires companies to allocate revenue in multiple-element arrangements
based on an element’s estimated selling price if vendor-specific or other third-party evidence of value is not available. ASU 2009-13 is
effective for fiscal years beginning on or after June 15, 2010, with earlier application permitted. The Company does not expect the provi-
sions of ASU 2009-13 to have a material effect on the consolidated financial position, results of operations or cash flows of the Company.
In June 2009, the FASB issued authoritative accounting guidance (“Guidance”) that in part, amends derecognition guidance for
transfers of financial assets, eliminates the exemption from consolidation for qualifying special-purpose entities and requires additional
disclosures. This Guidance is effective for financial asset transfers occurring after the beginning of an entity’s first fiscal year that begins
after November 15, 2009. The Company does not expect the provisions of this Guidance to have a material effect on the consolidated
financial position, results of operations or cash flows of the Company.
In June 2009, the FASB issued Guidance that amends the consolidation guidance applicable to variable interest entities. The
provisions of this Guidance require entities to perform an analysis to determine whether the enterprise’s variable interest or interests give
it a controlling financial interest in a variable interest entity. The Guidance also requires an enterprise to assess on an ongoing basis to
determine whether it is a primary beneficiary or has an implicit responsibility to ensure that a variable interest entity operates as designed.
This Guidance is effective as of the beginning of the first fiscal year that begins after November 15, 2009 and will be effective for the
Company beginning in 2010. In January 2010, the FASB indefinitely deferred certain consolidation provisions of this Guidance. The
Company does not expect the provisions of this Guidance to have a material effect on the consolidated financial position, results of
operations or cash flows of the Company.
Adoption of New Accounting Guidance
In June 2009, the FASB confirmed that the FASB Accounting Standards Codification (the “Codification”) will become the single
official source of authoritative GAAP (other than guidance issued by the Securities and Exchange Commission) for all non-governmental
entities. The Codification, which changes the referencing of financial standards, supersedes current authoritative guidance and is effective
for interim or annual financial periods ending after September 15, 2009. The Codification is not intended to change or alter existing GAAP
and it is not expected to result in a change in accounting practice for the Company.
In May 2009, the FASB issued Guidance that establishes general standards of accounting for and disclosures of subsequent events
that occurred after the balance sheet date but prior to the issuance of financial statements. This Guidance is effective for financial state-
ments issued for interim or fiscal years ending after September 15, 2009. The adoption of this Guidance, effective September 30, 2009, did
not affect the consolidated financial position, results of operations or cash flows of the Company.
In April 2009, the FASB issued Guidance that requires publicly-traded companies to provide disclosures on the fair value of financial
instruments in interim financial statements. Since this Guidance requires only additional disclosures concerning the financial instruments,
the adoption of this Guidance effective September 30, 2009, did not affect the consolidated financial position, results of operations or cash
flows of the Company.
In December 2008, the FASB issued Guidance that requires expanded fair value disclosures of benefit plan assets (“plan assets”) on
an annual basis. The Company would be required to separate plan assets into the three fair value hierarchy levels and provide a rollforward
of the changes in fair value of plan assets classified as Level 3. The disclosures about plan assets required by this Guidance are effective for
fiscal years ending after December 15, 2009. Since this Guidance requires only additional disclosures concerning plan assets (see Note 15
for disclosures related to the adoption of this Guidance), the adoption of this Guidance did not affect the consolidated financial position,
results of operations or cash flows of the Company.
In May 2008, the FASB issued Guidance that applies to convertible debt instruments that, by their stated terms, may be settled in
cash (or other assets) upon conversion, including partial cash settlement, unless the embedded conversion option is required to be
separately accounted for as a derivative. This Guidance specifies that issuers of such instruments should separately account for the liability
and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in
subsequent periods. This Guidance is effective for financial statements issued for fiscal years beginning after December 15, 2008, and
interim periods within those fiscal years. The adoption of the provisions of this Guidance did not have a material impact on the consolidated
financial position, results of operations or cash flows of the Company.
48