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Non-GAAP Financial Measures.

The SEC in January 2003 issued rules and amendments to

address public companies’ disclosure or release of certain financial information that is presented on the basis of methodologies other than GAAP. (Recognition G)

Voluntary Changes in Accounting Policies.

SFAS No. 154 requires companies that make a voluntary change in their accounting policies to apply the change retrospectively by revising prior years’ financial statements rather than showing the cumulative effect of accounting changes as one lump sum.

Accounting Pensions and Other Postemployment Benefits.

FASB issued SFAS No. 158 (September 2006), Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, which requires companies to recognize on their balance sheet the funded status of their pension and OPEB plans as of December 31, 2006, for calendar year companies.

Financial Reporting Challenges (Cont)

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