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SEC MD&A Checklist 12-2008

SEC MD&A Checklist 12-2008

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MD&A DISCLOSURES CHECKLIST
As of December 31, 2008How to Use the MD&A Disclosures Checklist This MD&A Disclosures Checklist is for registrant MD&As included in SEC 1934 and 1933 Act domestic filings, such as Form 10-K,10-Q, and S-1. This checklist addresses SEC requirements and is divided into the sections noted in the table of contents below. This checklist prompts you with questions on SEC requirements. The checklist provides background material and references tothe SEC source material. The references include both the official positions of the SEC and SEC staff practice and guidance. Theofficial positions of the SEC include Regulation S-K, the codified Accounting Series Releases (ASRs) and Financial ReportingReleases (FRRs), and Accounting and Auditing Enforcement Releases (AAERs). SEC staff practice and guidance includes Staff Accounting Bulletins (SABs), uncodified FRRs, Summaries by the Division of Corporation Finance, Current Issues and RulemakingProjects by the Division of Corporation Finance, SEC FAQ documents, SEC views expressed at Emerging Issues Task ForceMeetings (EITF), minutes of AICPA committees with SEC staff, SEC staff letters, and SEC staff speeches. Official positions of theSEC
and 
staff practice and guidance should be followed in all SEC filings. The checklist also provides a column for you to note that the requirements have been met and to enter a workpaper reference. The completed checklist can be placed in annual or quarterly workpapers to provide support for your review and complianceprocedures. This checklist is designed primarily for domestic registrants.“Smaller reporting companies” as the SEC has defined this term in Item 10(f)(1) of Regulation S-K generally means a companythat has a public float of less than $75 million or, if a company does not have a calculable public equity float, having revenues of less than $50 million in the last fiscal year. Such companies have scaled disclosure and reporting requirements. The concept of smaller reporting companies was finalized on February 4, 2008, and replaces the concept of “small business issuers” that theSEC previously used. The SEC has issued the following two resources for smaller reporting companies on the transition to thenew rules (both available on
 Accounting Research Manager)
:
© 2008 CCH INCORPORATED. All Rights Reserved.A WoltersKluwer Business.
 
MD&A DISCLOSURES CHECKLIST
As of December 31, 2008A MD&A GENERAL DISCLOSURES ....................................................................................................................................................31 INTRODUCTION .........................................................................................................................................................................32 GENERAL ...................................................................................................................................................................................53 CLARITY AND USEFULNESS .......................................................................................................................................................7B MD&A RESULTS OF OPERATIONS AND FINANCIAL CONDITION ...................................................................................................101 INTRODUCTION .......................................................................................................................................................................102 GENERAL .................................................................................................................................................................................123 IMPAIRMENT AND RESTRUCTURING ........................................................................................................................................194 BUSINESS COMBINATIONS ......................................................................................................................................................235 FINANCIAL INSTRUMENTS AND FOREIGN CURRENCIES ...........................................................................................................266 BENEFIT PLANS, ESOPS, AND STOCK COMPENSATION ............................................................................................................277 INTANGIBLE ASSETS AND DEFFERED TAX ASSETS ..................................................................................................................318 ENVIRONMENTAL & PRODUCT LIABILITIES AND LEASE COMMITMENTS ...................................................................................329 CONTINGENCIES, LOSS RESERVES AND UNCERTAIN TAX POSITIONS ......................................................................................33C MD&A LIQUIDITY AND CAPITAL RESOURCES ...............................................................................................................................351 INTRODUCTION .......................................................................................................................................................................352. GENERAL ................................................................................................................................................................................373. LIQUIDITY ...............................................................................................................................................................................394. CAPITAL RESOURCES .............................................................................................................................................................44D MD&A OFF-BALANCE SHEET ARRANGEMENTS ............................................................................................................................471 INTRODUCTION .......................................................................................................................................................................472 DISCLOSURE REQUIREMENTS .................................................................................................................................................47E MD&A INFLATION AND CHANGING PRICES ..................................................................................................................................521 INTRODUCTION .......................................................................................................................................................................522 DISCLOSURE REQUIREMENTS .................................................................................................................................................52F MD&A FORWARD-LOOKING DISCLOSURES ..................................................................................................................................541 INTRODUCTION .......................................................................................................................................................................542 DISCLOSURE REQUIREMENTS .................................................................................................................................................56G MD&A INTERIM DISCLOSURES ....................................................................................................................................................61H SPECIALIZED INDUSTRIES ...........................................................................................................................................................621 BANK HOLDING COMPANIES ...................................................................................................................................................622 REGULATED INDUSTRIES ........................................................................................................................................................643 FINANCIAL INSTITUTIONS ........................................................................................................................................................654 OIL AND GAS ...........................................................................................................................................................................675 INSURANCE COMPANIES .........................................................................................................................................................696 RESEARCH AND DEVELOPMENT COMPANIES ..........................................................................................................................717 DEFENSE CONTRACTORS ........................................................................................................................................................73Page 2 of 73
© 2008 CCH INCORPORATED. All Rights Reserved.A WoltersKluwer Business.
 
MD&A General Disclosures
DisclosureRequirementsReference
QuestionYNDisclosure Requirements
Met?
For all YES answers, respond to the disclosure requirements and provide a reference.
AMD&A GENERAL DISCLOSURES1INTRODUCTIONRegulation S-K requires that management's discussion and analysis of financialcondition and results of operations (MD&A) provide material historical andprospective textual disclosure to enable investors to assess the financialcondition and results of operations of the registrant, with particular emphasis onthe registrant's prospects for the future. MD&A should give investors theopportunity to look through the eyes of management by providing a historicaland prospective analysis of the registrant's financial condition and results of operations. To assist registrants in fully complying with the requirements of Item303 of Regulation S-K, in May 1989 the Commission published an interpretiverelease, Financial Reporting Release No. 36 (Section 501). Although this releasedoes not amend the Regulation S-K requirements, it uses examples and narrativediscussion to highlight areas where the SEC staff believed improvement inregistrants' disclosures was necessary. The release also provides additionalguidance on certain required forward-looking information. To further assistregistrants, in December 2003 the Commission published another interpretiverelease, Financial Reporting Release No. 72 (Section 501): Interpretation –Commission Guidance Regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations. Like the 1989 release, the 2003release does not amend Item 303 – it reminds registrants of existingrequirements and provides additional guidance on making MD&A moreinformative and comprehensible.Specifically, MD&A should cover information about a registrant's liquidity,capital resources, and results of operations. The MD&A also must discuss: (a)material events and uncertainties known to management that would cause thereported historical financial information not to be necessarily indicative of futureoperating results or of future financial condition, and (b) the impacts of inflation.Financial and non-financial information included in MD&A must be consistent withother information included in the filing. MD&A is presented for annual financialstatements as well as interim financial statements. Special requirements apply tointerim periods.Page 3 of 73
© 2008 CCH INCORPORATED. All Rights Reserved.A WoltersKluwer Business.

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