|
Standard |
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Description |
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Date of Adoption |
|
Application |
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Effect on the Consolidated Financial
Statements
(or Other Significant Matters) |
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Simplification of Employee Share-Based Payment Accounting |
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Simplified accounting and disclosure requirements for share-based payment awards. The updated guidance addresses: (i) the recognition of excess tax benefits and deficiencies; (ii) the classification of excess tax benefits and taxes paid on the Consolidated Statements of Cash Flows; (iii) election of an accounting policy for forfeitures; and (iv) the amount an employer can withhold to cover income taxes and still qualify for equity classification. |
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January 1, 2017; early adoption permitted |
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Alternative transition methods available |
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The cumulative effect to retained earnings prior to 2017 is expected to be an increase of approximately $23, with an offsetting decrease to deferred income taxes, net. The Company does not expect to early adopt. |
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Revenue from Contracts with Customers |
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Provided new accounting guidance for revenue recognition replacing most existing guidance, including industry-specific guidance. Upon adoption, a company will recognize revenue for the transfer of goods or services to customers equal to the amount it expects to be entitled to receive for those goods or services. The guidance also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. |
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January 1, 2018; early adoption permitted |
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Alternative transition methods available |
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The Company is evaluating the effect on the financial statements, related disclosures and method of adoption. The Company does not expect to early adopt. |
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Classification of Certain Cash Receipts and Cash Payments on the Statement of Cash Flows |
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Provided guidance on the presentation and classification in the statement of cash flow for the following cash receipts and payments: (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. |
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January 1, 2018; early adoption permitted |
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Retrospective |
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The Company is evaluating the effect on the Statements of Cash Flows and the timing of adoption. |
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Accounting for Leases |
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Updated the accounting and disclosure guidance for leasing arrangements. Under this guidance, a lessee will be required to recognize the following for all leases, excluding short-term leases, at the commencement date: (i) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Under the guidance, lessor accounting is largely unchanged. |
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January 1, 2019; early adoption permitted |
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Modified retrospective |
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The Company is evaluating the effect on the financial statements, related disclosures and the timing of adoption. |
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Measurement of Credit Losses |
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Updated the accounting guidance on reporting credit losses for financial assets held at amortized cost basis and available-for-sale debt securities. Under this guidance, expected credit losses are required to be measured based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount of financial assets. Also, this guidance requires that credit losses on available-for-sale debt securities be presented as an allowance rather than as a direct write-down. |
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January 1, 2020; early adoption permitted |
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Modified retrospective |
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The Company is evaluating the effect on the financial statements, related disclosures and the timing of adoption. |