T YR AT ECH, INC. / ANNUAL R EPORT 20 0 9
Notes to Consolidated Financial Statements
(CONTINUED)
differ from the estimates. The Company does not expect changes in the estimates and assumptions used in these financial statements to materially affect these results within the next year.
(m) Fair Value of Financial Instruments
The carrying amounts of the cash equivalents of accounts receivable, accounts payable and accrued expenses approximate to fair value because of the short-term maturity of these items.
(n) Segment Information
The Company operates in two primary business segments which are (1) pesticides and (2) sustainable solutions.
(o) Recently Issued Accounting Standards
Effective January 1, 2009, the Company adopted new FASB guidance for the accounting of non-controlling interests,
as codified in ASC 810. The new guidance requires non-
controlling interests, previously called minority interests,
to be presented as a component of equity. In addition, the guidance requires disclosures on the face of the consolidated statements of operations of the amounts of consolidated
net income/(loss) attributable to the parent and the non-
controlling interests. The guidance was applied prospectively with the exception of presentation and disclosure requirements, which were applied for all periods presented.
In April 2009, the FASB issued additional application guidance and enhancements to disclosures regarding fair value measurements, now codified in ASC 820. The new guidance enhances consistency in financial reporting by increasing the frequency of fair value disclosures. The guidance also provides guidelines for making fair value measurements more consistent. The guidance was effective for interim and annual periods ending after June 15, 2009. The adoption of the guidance did not have a significant impact on the Company's financial position or results of operations.
In May 2009, the FASB issued additional guidance on subsequent events, now codified as ASC 855-10, Subsequent Events (ASC 855-10). ASC 855-10 is intended to establish general standards of accounting for and disclosures of events that occur after the balance sheet date, but before financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for the date-that is, whether the date represents the date the financial statements
were issued or were available to be issued. This disclosure should alert all users of the financial statements that an entity
has not evaluated subsequent events after that date in the financial statements being presented. ASC 855-10 is effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009. The Company evaluated all subsequent events through June 21, 2010, the date the accompanying financial statements were available to be issued. The adoption of ASC 855-10 had no impact on the Company's financial statements.
In June 2009, the FASB issued Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles-a replacement of FASB Statement No. 162 (the "Codification"). The Codification recognized existing U.S. accounting and reporting standards issued by the FASB and other related private sector standard setters in a single source of authoritative accounting principals by topic. The codification supercedes all existing U.S. accounting standards; all other accounting literature not included in the Codification (other than Securities and Exchange Commission guidance for publically traded companies) is considered non-authoritative. The Codification
is effective for financial statements issued for interim and annual reports ending after September 15, 2009. The adoption of the Codification changes the Company's references
to U.S. GAAP accounting standards but did not impact the Company's financial position or results of operations.
In October 2009, the FASB issued Accounting Standards Update ("ASU") No. 2009-13, Multiple-Delivery Revenue Arrangements ("ASU 2009-13"). ASU 2009-13 establishes the accounting and reporting guidance for arrangements, including multiple revenue-generating activities, and provides amendments to the criteria for separating deliverables and measuring and allocating arrangement consideration to one or more units of accounting. The amendments of ASU 2009-13 also establish a selling price hierarchy for determining the selling price of a deliverable. Significantly enhanced disclosures are also required to provide information about a vendor's multiple-deliverable revenue arrangements, including information about the nature and terms, significant deliverables, and its performance within arrangements. The amendments also require providing information about the significant judgments made and changes to those judgments and about how the application of the relative selling-price method affects the timing or amount of revenue recognition. The
