Business Context and Reporting Period
Company: Evercore Partners Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 7, 2009
Reporting Period: The filing addresses events occurring on January 1, 2009, regarding the adoption of new accounting standards.
Key Financial Metrics
This filing does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a notification of an accounting standard adoption and incorporates by reference the 2008 Annual Report on Form 10-K for detailed financial data.
Material Changes
- Adoption of SFAS No. 160: On January 1, 2009, the Company adopted SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements."
- Accounting Impact: The standard requires noncontrolling (minority) interests to be presented as equity rather than as a liability or mezzanine equity.
- Financial Statement Presentation: Consolidated Financial Statements have been recast on a retrospective basis to reflect non-controlling interest as a separate component of stockholders' equity on the Consolidated Statements of Financial Condition.
Guidance, Outlook, and Risks
The filing does not provide new guidance, outlook, or management commentary regarding future operations. It explicitly states that no other disclosures presented in the 2008 Annual Report on Form 10-K have been modified or updated. Risks and contingencies are not discussed in this specific text, as the focus is strictly on the accounting presentation change.
Investor Verification Checklist
- Verify the impact of SFAS 160 adoption on the equity section of the balance sheet by reviewing the recast financial statements in Exhibit 99.3.
- Review the 2008 Annual Report on Form 10-K for the most recent comprehensive financial data, as this 8-K does not update those figures.
- Confirm the treatment of noncontrolling interests in subsequent quarterly filings to ensure consistent application of the new standard.