Vonage 2008 Annual Report Download - page 51

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r
eporting units measured at
f
air value in a goodwill impairment
t
est and nonfinancial assets ac
q
uired and liabilities assumed in
a
b
usiness combination. Effective Januar
y
1, 2008, we adopted
SFAS No. 157 for financial assets and liabilities reco
g
nized at fair
v
alue on a recurring basis. The partial adoption of
S
FA
S
No. 157
f
or financial assets and liabilities did not have a material im
p
act o
n
our consolidated
f
inancial position, results o
f
operations or cash
f
lows
.
I
n Februar
y
2007, the FASB issued Statement of Financia
l
A
ccounting Standards No. 159 (“SFAS No. 159”),
“
T
he Fair Value
O
ption for Financial Assets and Financial Liabilities.
”
Under
S
FAS No. 159, companies may elect to measure certain financial
i
n
s
tr
u
m
e
nt
sa
n
dce
rt
a
in
o
th
e
rit
e
m
sa
tf
a
ir v
a
l
ue
.Th
es
t
a
n
da
r
d
requires that unrealized
g
ains and losses on items
f
or which th
e
f
air value option has been elected be reported in earnings
.
S
FA
S
No. 159 was effective for us be
g
innin
g
in the first quarter of
2008. We currently do not have any instruments eli
g
ible
f
or elec-
tion of the fair value o
p
tion. Therefore, the ado
p
tion of SFAS No.
1
59 in the first
q
uarter of 2008 did not im
p
act our consolidate
d
f
inancial position, results o
f
operations or cash
f
lows
.
43