Alcoa 2013 Annual Report Download - page 116
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have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity if the sale
or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or
group of assets had resided; (ii) a partial sale of an equity method investment that is a foreign entity; (iii) a partial sale
of an equity method investment that is not a foreign entity whereby the partial sale represents a complete or
substantially complete liquidation of the foreign entity that held the equity method investment; and (iv) the sale of an
investment in a foreign entity. These changes become effective for Alcoa on January 1, 2014. Management has
determined that the adoption of these changes will need to be considered in the Consolidated Financial Statements in
the event Alcoa initiates any of the transactions described above.
In July 2013, the FASB issued changes to the presentation of an unrecognized tax benefit when a net operating loss
carryforward, a similar tax loss, or a tax credit carryforward exists. These changes require an entity to present an
unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax
loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to
settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the
applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to
settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an
unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for
a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in
practice as no explicit guidance existed. These changes become effective for Alcoa on January 1, 2014. Management
has determined that the adoption of these changes will not have a significant impact on the Consolidated Financial
Statements.
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