Vistaprint 2010 Annual Report Download - page 80

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effective for interim and annual periods beginning after August 27, 2009,and applies to all fair-value
measurements of liabilities required by GAAP. Additionally, effective January 1, 2010, we adopted
ASU 2010-06 Improving Disclosures about Fair Value Measurements, which requires additional
disclosures regarding assets and liabilities measured at fair value. The adoption of these
requirements did not have a material impact on the Company’s consolidated financial statements.
In February 2010, the FASB issued ASU 2010-09, which amends the Subsequent Events Topic
of the ASC to eliminate the requirement for public companies to disclose the date through which
subsequent events have been evaluated. The Company will continue to evaluate subsequent events
through the date of the issuance of the financial statements; however, consistent with the guidance,
this date will no longer be disclosed. This change did not affect the Company’s consolidated financial
statements.
Recently Issued Accounting Pronouncements
ASU 2009-13 Multiple-Deliverable Revenue Arrangements amends ASC Subtopic 650-25
Revenue Recognition—Multiple-Element Arrangements to eliminate the requirement that all
undelivered elements have vendor-specific objective evidence (“VSOE”) or third-party evidence
(“TPE”) before an entity can recognize the portion of an overall arrangement fee that is attributable to
items that already have been delivered. In the absence of VSOE or TPE of the standalone selling
price for one or more delivered or undelivered elements in a multiple-element arrangement, entities
will be required to estimate the selling prices of those elements. The overall arrangement fee will be
allocated to each element (both delivered and undelivered items) based on their relative selling prices,
regardless of whether those selling prices are evidenced by VSOE or TPE or are based on the
entity’s estimated selling price. Additionally, the new guidance will require entities to disclose more
information about their multiple-element revenue arrangements. This ASU is effective prospectively for
revenue arrangements entered into or materially modified in fiscal years beginning on or after
June 15, 2010 and early adoption is permitted. The Company does not believe that the adoption of
this ASU will have a material impact on its consolidated financial statements.
ASU 2009-14 Certain Revenue Arrangements that Include Software Elements amends ASC
Subtopic 985-605 Software-Revenue Recognition, which addresses the accounting for revenue
transactions involving software, to exclude from its scope tangible products that contain both software
and non-software components that function together to deliver a product’s essential functionality. The
ASU is effective prospectively for revenue arrangements entered into or materially modified in fiscal
years beginning on or after June 15, 2010 and early adoption is permitted. The Company does not
believe that the adoption of this ASU will have a material impact on its consolidated financial
statements.
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