Sony 2003 Annual Report Download - page 141
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Consolidated Financial Information 2003
55
6. In January 2003, the FASB issued FIN No.46, “Consolidation of Variable Interest Entities — an Interpretation of ARB No.51.” This
interpretation addresses consolidation by a primary beneficiary of a variable interest entity (“VIE”). FIN No.46 is effective
immediately for all new variable interest entities created or acquired after January 31, 2003. For variable interest entities created or
acquired prior to February 1, 2003, the provisions of FIN No.46 become effective for Sony during the second quarter of the year
ending March 31, 2004. Sony did not enter into any new arrangements with VIEs during the period February 1, 2003 through March
31, 2003.
7. On April 1, 2001, Sony adopted FAS No.133, “Accounting for Derivative Instruments and Hedging Activities” as amended by FAS
No.138 “Accounting for Certain Derivative Instruments and Certain Hedging Activities — an Amendment of FASB Statement
No.133.” As a result, Sony’s operating income, income before income taxes and net income for the year ended March 31, 2002
decreased by ¥3.0 billion, ¥3.4 billion and ¥2.2 billion, respectively. Additionally, Sony recorded a one-time non-cash after-tax
unrealized gain of ¥1.1 billion in accumulated other comprehensive income in the consolidated balance sheet, as well as an
after-tax gain of ¥6.0 billion in the cumulative effect of accounting changes in the consolidated statement of income.
8. In July 2001, the FASB issued FAS No.142, “Goodwill and Other Intangible Assets.” Sony adopted FAS No.142 retroactive to April
1, 2001. As a result, Sony’s operating income and income before income taxes for the year ended March 31, 2002 increased by
¥20.1 billion and income before cumulative effect of accounting changes as well as net income for the year ended March 31, 2002
increased by ¥18.9 billion.
9. In the fourth quarter of the year ended March 31, 2002, Sony adopted “EITF” Issue No. 00-25, “Vendor Income Statement
Characterization of Consideration Paid to a Reseller of the Vendor’s Products,” which was later codified along with other similar
issues into EITF Issue No.01-09, “Accounting for Consideration Given by a Vendor to a Customer or Reseller of the Vendor’s
Products,” retroactive to April 1, 2001. As a result, Sony has restated sales and operating revenue for the first three quarters of the
year ended March 31, 2002.