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FASB & EITF UPDATE Financial Reporting Update October 21, 2004 - page 33 / 47

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33 / 47

Issue 03-6

Undistributed earnings should be allocated to a participating security  in the calculation of basic EPS based on the contractual rights of the security (if objectively determinable) as if all earnings were distributed, even if the issuer ultimately could avoid paying those dividends

Undistributed earnings should not be allocated based on arbitrary assumptions

Losses should be allocated for EPS purposes when the holder is obligated to fund the losses of the issuing entity or when losses incurred by the issuing entity have reduced the principal amount of the participating security

New! EITF Consensus Effective in 2004

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