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SEC Filings

10-Q
RENAISSANCE MEDIA GROUP LLC filed this Form 10-Q on 10/20/1998
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                          RENAISSANCE MEDIA GROUP LLC
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 JUNE 30, 1998
              (ALL DOLLAR AMOUNTS IN 000'S EXCEPT WHERE INDICATED)
                                  (Unaudited)


3.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     New Accounting Standards

     During fiscal 1997 and 1998, the Financial Accounting Standards Board
("FASB") issued Statement No. 130, "Reporting Comprehensive Income" ("FAS 130"),
Statement No. 131, "Disclosures about Segments of an Enterprise and Related
Information" ("FAS 131"), Statement No. 132, "Employers' Disclosures about
Pension and Other Post-retirement Benefits" ("FAS 132"), and Statement No. 133,
" Accounting for Derivation Instruments and Hedging Activities" ("FAS 133").
FAS 130 establishes standards for reporting and display of comprehensive income
and its components (revenue, expenses, gains and losses) in a full set of
financial statements.  The Company adopted FAS 130 as of the second quarter of
1998.  FAS 131 requires disclosure of financial and descriptive information
about an entity's reportable operating segments under the "management approach"
as defined in such Statement.  The Company will adopt FAS 131 as of December 31,
1998.  FAS 132 standardizes the disclosure requirements for pensions and other
post-retirement benefits.  The Company adopted FAS 132 as of the second quarter
of 1998.  FAS 133 provides a comprehensive and consistent standard for the
recognition and measurement of derivatives and hedging activities.  The Company
will adopt FAS 133 as of January 1, 2000.  The adoption of FAS 130 and FAS 132
had no effect on the financial statements.  The impact of the adoption of the
remaining aforementioned standards on the Company's financial statements is not
expected to be material.

     Principles of Consolidation

     The consolidated financial statements of the Company include the accounts
of the Company and its wholly owned subsidiaries.  Significant intercompany
accounts and transactions have been eliminated.

     Cash and Cash Equivalents

     Cash and cash equivalents include cash and investments in short-term,
highly liquid securities, which have maturities when purchased of three months
or less.

     Property and Equipment

     Property and equipment are stated at cost.  Replacements, renewals and
improvements are capitalized.  Maintenance and repairs are charged to expense as
incurred.  Depreciation of

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