. at the date of initial application , january 1 , 2004 , the cumulative effect of the adoption of sop 03-1 on net income and other comprehensive income was comprised of the following individual impacts shown net of income tax benefit of $ 12 : in may 2003 , the financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards ( 201csfas 201d ) no . 150 , 201caccounting for certain financial instruments with characteristics of both liabilities and equity 201d