Burger King 2012 Annual Report Download - page 86
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Table of Contents
During 2012, we elected to early adopt an accounting standards update that amends accounting guidance for the testing of indefinite-lived intangible
assets for impairment. This amendment states that an entity has the option to first assess qualitative factors to determine whether the existence of events and
circumstances indicates that it is “more likely than not” that an indefinite-lived intangible asset, other than goodwill, is impaired. The results of the qualitative
assessment will determine whether it is necessary to perform that quantitative impairment test. The adoption of this accounting standards update did not have
an impact on our consolidated financial position, results of operations or cash flows.
In February 2013, the FASB issued an accounting standards update that amends accounting guidance to require an entity to provide information about
the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts
reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amounts reclassified is required by
GAAP to be reclassified to net income in its entirety in the same reporting period. The amendments in this accounting standards update are effective
prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The adoption of this accounting standards updated will
not have a significant impact on our consolidated financial position, results of operations or cash flows.
Trade and notes receivable, net, consist of the following (in millions):
Trade accounts receivable $195.6 $ 173.5
Notes receivable, current portion 3.1 0.6
198.7 174.1
Allowance for doubtful accounts (19.7) (21.3)
Total, net $ 179.0 $152.8
The change in allowances for doubtful accounts is as follows (in millions):
Beginning balance $21.3 $20.7
Bad debt expense (recoveries), net (0.8) 6.1
Write-offs and other (0.8) (5.5)
Ending balance $19.7 $21.3
85
Source: Burger King Worldwide, Inc., 10-K, February 22, 2013 Powered by Morningstar® Document Research℠
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