Going Into Effect December 15, 2005

More than 10 Statements, Issues and other guidance issued by the Financial Accounting Standards Board (FASB) go into effect on Thursday, December 15, 2005. Here is a brief list of those items going into effect. Greater detail is available on the FASB web site at http://www.fasb.org/project/recent_effective_dates.shtml.

FAS 123(R), Share-Based Payment is going into effect at the first interim or annual reporting period following December 15 for public entities that file as small business issuers and nonpublic entities.

FAS 154, Accounting Changes and Error Corrections This Statement replaces APB Opinion Number 20 and FASB Statement Number 3. It becomes effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005.

FIN 47, Accounting for Conditional Asset Retirement Obligations This interpretation of FASB Statement Number 143 becomes effective no later than the end of fiscal years ending after December 15, 2005 or the end of calendar years ending December 31, 2005.

Issue Number 04-5, Determining whether a General Partner, or the General partners as a Group Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights The guidance in this issue becomes effective no later than the first reporting period in fiscal years beginning after December 15, 2005 for all partnerships, including those formed after June 29, 2005, for whom the guidance is already in effect.

Issue Number 04-6, Accounting for Stripping Costs Incurred during Production in the Mining Industry In June 2005, the Board ratified the changing of the effective date of the guidance in this issue to correspond with that of Statement 123(R), which is the first reporting period in fiscal years beginning after December 15, 2005.

Issue Number 05-5, Accounting for Early Retirement or Postemployment Programs with Specific Features (such as Terms Specified in Altersteilzeit Early Retirement Arrangements) Becomes effective in fiscal years beginning after December 15, 2005, and should be reported as a change in accounting estimate effected by a change in accounting principle as described in paragraph 19 of Statement 154.

Issue Number 05-7, Accounting Modifications to Conversion Options Embedded in Debt Instruments and Related Issues Becomes effective for future modifications of debt instruments beginning in the first interim or annual reporting period beginning after December 15, 2005. The disclosures required by Statement 154 should be made excluding those disclosure requiring the effects of retroactive application.

Issue Number 05-8, Income Tax Consequences of Issuing Convertible Debt with a Beneficial Conversion Feature The guidance of this issue become effective for financial statements beginning in the first interim or annual reporting period beginning after December 15, 2005. This Issue should be applied by retrospective application pursuant to Statement 154 to all instruments with a beneficial conversion feature accounted for under Issue 00-27. Therefore, this Issue would also be applicable to debt instruments that were converted (or extinguished) in prior periods but are still presented in the financial statements.

Topic B38, Embedded Derivatives: Evaluation of Net Settlement with Respect to the Settlement of a Debt Instrument through Exercise of an Embedded Put Option or Call Option Becomes effective on the first day of the first fiscal quarter beginning after December 15, 2005.

Topic B39, Embedded Derivatives: Applications of Paragraph 13(b) to Call Options That Are Exercisable Only by the Debtor Becomes effective on the first day of the first fiscal quarter beginning after December 15, 2005.

FSP FAS 115-1 and FAS 124-1, The Meaning of Other-Than-Temporary Impairment and Its Application to Certain Investments This guidance, posted on November 3, 2005, should be applied to reporting periods beginning after December 15, 2005.

FSP SOP 78-9-1, Interaction of AICPA Statement of Position 78-9 and EITF Issue Number 04-5 Becomes effective no later than the first reporting period in fiscal years beginning after December 15, 2005 for all partnerships, including those formed after June 29, 2005, for whom the guidance is already in effect.

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