Trust - TMLT
Trust - TMLT
Trust - TMLT
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Summary of SignificantAccounting PoliciesIncome TaxesThe <strong>Trust</strong> uses the liability method of accounting for income taxes. Under thismethod, deferred tax assets and liabilities are determined based on differencesbetween financial reporting and tax bases of assets and liabilities and are measuredusing the enacted tax rates and laws that will be in effect when the differences areexpected to reverse.Acquisition CostsAcquisition costs are expensed as they are incurred; the financial statement effect ofthis method does not differ significantly from the effect of using the deferral method.Cash EquivalentsMoney market funds and commercial paper with initial maturities of less than threemonths are considered to be cash equivalents.ReclassificationsCertain prior year balances have been reclassified to conform to current year presentation.Disclosures about Fair Value of Financial InstrumentsThe fair value of financial instruments, as defined by accounting principles generallyaccepted by the United States of America, approximates the recorded book value ofsuch instruments.32 TRUST - The Annual Report Magazine