Capital One 2015 Annual Report Download - page 154
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CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
135 Capital One Financial Corporation (COF)
Revenue from Contracts with Customers
In August 2015, the FASB deferred by one year the effective date for revenue recognition guidance to January 1, 2018, with early
adoption permitted effective January 1, 2017. In May 2014, the FASB issued revised guidance for the recognition, measurement,
and disclosure of revenue from contracts with customers. The guidance is applicable to all entities and, once effective, will replace
significant portions of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition
model. Most revenue associated with financial instruments, including interest and loan origination fees, is outside the scope of the
guidance. Gains and losses on investment securities, derivatives and sales of financial instruments are similarly excluded from the
scope. Entities can elect to adopt the guidance either on a full or modified retrospective basis. Full retrospective adoption will
require a cumulative effect adjustment to retained earnings as of the beginning of the earliest comparative period presented.
Modified retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the reporting
period in which the entity first applies the new guidance. We do not plan to early adopt the guidance. We are currently assessing
the potential impact of this new guidance on our consolidated financial statements and which transition method we plan to elect.
Consolidation: Amendments to the Consolidation Analysis
In February 2015, the FASB issued revised guidance intended to improve upon and simplify the consolidation assessment required
to evaluate whether organizations should consolidate certain legal entities such as limited partnerships, limited liability corporations,
and securitization structures. The guidance also removed the indefinite deferral of specialized guidance for certain investment
funds. We adopted the guidance effective in the first quarter of 2016 on a modified retrospective basis. The amendments did not
have a material impact on our consolidated financial statements.