AbbVie 2014 Annual Report Download - page 58
Download and view the complete annual report
Please find page 58 of the 2014 AbbVie annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
 |
 |
13NOV201221352027
2012. In 2014, AbbVie recorded an impairment charge of $37 million related to certain on-market product
rights in Japan due to increased generic competition. The charge was included in cost of products sold. In
2012, AbbVie recorded impairment charges of $13 million for certain projects under development. These
charges were included in R&D expense. There were no impairment charges recorded in 2013.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU)
No. 2014-09, Summary and Amendments That Create Revenue from Contracts with Customers (Topic 606)
and Other Assets and Deferred Costs—Contracts with Customers (Subtopic 340-40). The amendments in ASU
2014-09 supersede most current revenue recognition requirements. The core principal of the new guidance
is that an entity should recognize revenue to depict the transfer of promised goods or services to
customers in an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services. This guidance is effective for annual reporting periods beginning after
December 15, 2016, including interim periods within that reporting period. Early application is not
permitted. AbbVie can apply the amendments using one of the following two methods: (i) retrospectively
to each prior reporting period presented, or (ii) retrospectively with the cumulative effect of initially
applying the amendments recognized at the date of initial application. AbbVie is currently assessing the
impact of adopting this guidance on its consolidated financial statements.
52 2014 Form 10-K