Urban Outfitters 2009 Annual Report Download - page 37

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acquisition date is on or after the beginning of the first annual reporting period beginning after
December 15, 2008. We do not expect the application of SFAS No. 141R to have a material impact on
our consolidated financial statements.
In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets
and Financial Liabilities: Including an Amendment of FASB Statement No. 115.” SFAS No. 159
provides companies with an option to report selected financial assets and liabilities at fair value and
requires entities to display the fair value of those assets and liabilities for which the company has
chosen to use fair value on the face of the balance sheet. SFAS No. 159 is effective for financial
statements issued for fiscal years beginning after November 15, 2007. Effective February 1, 2008, we
adopted SFAS No. 159 and have elected to not apply the provisions of SFAS No. 159 to report certain
of our assets and liabilities at fair value.
In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements.” SFAS No. 157
defines fair value, establishes a framework for measuring fair value in U.S. Generally Accepted
Accounting Principles, and expands disclosures about fair value measurements. SFAS No. 157 is
effective for financial assets and financial liabilities in fiscal years beginning after November 15, 2007
and for certain non-financial assets and certain non-financial liabilities in fiscal years beginning after
November 15, 2008. Effective February 1, 2008, we have adopted the provisions of SFAS No. 157 that
relate to our financial assets and financial liabilities (see Note 4). We are currently evaluating the
impact of the provisions of SFAS No. 157 that relate to our nonfinancial assets and nonfinancial
liabilities, which are effective for us as of February 1, 2009.
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