Summary
Verizon Communications Inc. (VZ) filed an 8-K on November 2, 2009, primarily to announce the retrospective adoption of Statement of Financial Accounting Standards No. 160 (SFAS No. 160), effective January 1, 2009. This new accounting standard mandates changes in the classification and presentation of noncontrolling interests (previously minority interests) in consolidated financial statements. As a result, Verizon is reissuing its consolidated financial statements for the years ended December 31, 2008, 2007, and 2006, along with the related Report of Independent Registered Public Accounting Firm, Management's Discussion and Analysis, and Selected Financial Data from its 2008 Form 10-K. Investors should note that this filing does not provide updated financial information beyond the period covered by the previously filed 2008 10-K and subsequent 10-Qs. For the most current operational and financial developments, reference should be made to Verizon's more recent quarterly and current reports.
Key Highlights
- 1Verizon is retrospectively adopting SFAS No. 160, changing how noncontrolling interests are presented in financial statements.
- 2The adoption is effective as of January 1, 2009.
- 3Consolidated financial statements for 2008, 2007, and 2006, along with related disclosures from the 2008 10-K, are being reissued with the new presentation.
- 4The filing incorporates by reference key financial data and disclosures from the Company's 2008 Form 10-K.
- 5This 8-K serves to comply with accounting standards for noncontrolling interests and does not contain new operational or financial performance updates.
- 6Investors are directed to subsequent 10-Q filings for information on financial changes and developments since the 2008 10-K.