CHS 2011 Annual Report Download - page 38

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2011 CHS 37
The Company is currently evaluating the impact that
the adoption will have on its consolidated financial
statements in fiscal 2012.
In April 2011, the FASB issued ASU No. 2011-03,
“Transfers and Servicing (Topic 860): Reconsideration
of Effective Control for Repurchase Agreements.” ASU
No. 2011-03 removes the transferor’s ability criterion
from the consideration of effective control for repur-
chase agreements and other agreements that both enti-
tle and obligate the transferor to repurchase or redeem
financial assets before their maturity. It also eliminates
the requirement to demonstrate that the transferor
possesses adequate collateral to fund substantially all
the cost of purchasing replacement financial assets.
This guidance is effective for interim and annual peri-
ods beginning on or after December 15, 2011. The
Company is currently evaluating the impact that the
adoption will have on its consolidated financial state-
ments in fiscal 2012.
In May 2011, the FASB issued ASU No. 2011-04, “Fair
Value Measurement (Topic 820): Amendments to
Achieve Common Fair Value Measurement and Disclo-
sure Requirements in U.S. GAAP and International
Financial Reporting Standards.” ASU No. 2011-04 pro-
vides a consistent definition of fair value to ensure that
the fair value measurement and disclosure requirements
are similar between U.S. GAAP and International Finan-
cial Reporting Standards. Some of the amendments clar-
ify the FASB’s intent about the application of existing fair
value measurement requirements. Other amendments
change a particular principle or requirement for mea-
suring fair value or for disclosing information about fair
value measurements. ASU No. 2011-04 is effective for
interim and annual periods beginning after December 15,
2011. The Company is currently evaluating the impact
that the adoption will have on its consolidated financial
statements in fiscal 2012.
In June 2011, the FASB issued ASU No. 2011-05, “Com-
prehensive Income (Topic 220): Presentation of Com-
prehensive Income.” ASU No. 2011-05 eliminates the
option to present the components of other comprehen-
sive income as part of the statement of stockholders’
equity. It requires an entity to present the total of
comprehensive income, the components of net income,
and the components of other comprehensive income
either in a single continuous statement of comprehen-
sive income or in two separate but consecutive state-
ments. Regardless of whether one or two statements are
presented, an entity is required to show reclassification
adjustments on the face of the financial statements for
items that are reclassified from other comprehensive
income to net income. ASU No. 2011-05 is to be applied
retrospectively and is effective for fiscal years, and
interim periods within those years, beginning after
December 15, 2011. The Company is currently evalu-
ating the impact that the adoption will have on its
consolidated financial statements in fiscal 2013.
In September 2011, the FASB issued ASU No. 2011-08,
“Intangibles—Goodwill and Other (Topic 350): Testing
Goodwill for Impairment.” ASU No. 2011-08 allows
entities to use a qualitative approach to test goodwill
for impairment. It permits an entity to first perform a
qualitative assessment to determine whether it is more
likely than not that the fair value of a reporting unit is
less than its carrying value. If it is concluded that this is
the case, it is necessary to perform the currently pre-
scribed two-step goodwill impairment test. Otherwise,
the two-step goodwill impairment test is not required.
This guidance is effective for annual and interim good-
will impairment tests performed for fiscal years begin-
ning after December 15, 2011, and early adoption is
permitted. The Company is currently evaluating the
impact of the pending adoption of ASU No. 2011-08
on its consolidated financial statements in fiscal 2013.
In September 2011, the FASB issued ASU No. 2011-09,
“Compensation — Retirement Benefits — Multiemployer
Plans (Subtopic 715-80).” ASU No. 2011-09 requires that
employers provide additional separate disclosures for
multiemployer pension plans and multiemployer other
postretirement benefit plans. The additional quantitative
and qualitative disclosures will provide users with more
detailed information about an employer’s involvement in
multiemployer pension plans. This guidance is effective
for annual periods for fiscal years ending after Decem-
ber 15, 2011, and early adoption is permitted. As ASU
No. 2011-09 is only disclosure related, it will not have an
impact on the Company’s financial position, results of
operations, or cash flows.