CarMax 2013 Annual Report Download - page 53

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pronouncement for our fiscal year beginning March 1, 2012, and there was no effect on our consolidated financial
statements.
In June 2011, the FASB issued an accounting pronouncement, as amended December 2011, that provides new
guidance on the presentation of comprehensive income (FASB ASC Topic 220) in financial statements. Entities are
required to present total comprehensive income either in a single, continuous statement of comprehensive income or
in two separate, but consecutive, statements. The provisions for this pronouncement as amended are effective for
fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted this amended
pronouncement for our fiscal year beginning March 1, 2012. We have included the additional required statement for
our fiscal year ended February 28, 2013.
In September 2011, the FASB issued an accounting pronouncement related to intangibles – goodwill and other
(FASB ASC Topic 350), which allows for companies to first consider qualitative factors as a basis for assessing
impairment and determining the necessity of a detailed impairment test. The provisions for this pronouncement are
effective for fiscal years beginning after December 15, 2011, with early adoption permitted. We adopted this
pronouncement for our fiscal year beginning March 1, 2012, and there was no effect on our consolidated financial
statements.
In December 2011, the FASB issued an accounting pronouncement related to offsetting of assets and liabilities on
the balance sheet (FASB ASC Topic 210). The amendments require additional disclosures related to offsetting
either in accordance with U.S. GAAP or master netting arrangements. In January 2013, an update was issued to
clarify the scope applies to derivatives. The provisions of this pronouncement and update are effective for fiscal
years, and interim periods within those years, beginning after January 1, 2013. We will adopt this pronouncement
for our fiscal year beginning March 1, 2013. We do not expect this pronouncement to have a material effect on our
consolidated financial statements.
In July 2012, the FASB issued an accounting pronouncement related to intangibles – goodwill and other (FASB
ASC Topic 350), which permits companies to first consider qualitative factors as a basis for assessing impairment
and determining the necessity of a detailed impairment test of indefinite-lived intangible assets. The provisions of
this pronouncement are effective for annual and interim impairment tests performed for fiscal years beginning after
September 15, 2012. We will adopt this pronouncement for our fiscal year beginning March 1, 2013. We do not
expect this pronouncement to have a material effect on our consolidated financial statements.
In February 2013, the FASB issued an accounting pronouncement related to liabilities (FASB ASC Topic 405). The
amendments provide guidance on the recognition, measurement and disclosure of obligations resulting from joint
and several liability arrangements, including debt arrangements, other contractual obligations, and settled litigation
and judicial rulings. This pronouncement is effective for fiscal years, and interim periods within those years,
beginning after December 15, 2013. We will adopt this pronouncement for our fiscal year beginning March 1, 2014.
We do not expect this pronouncement to have a material effect on our consolidated financial statements.
In February 2013, the FASB issued an accounting pronouncement related to comprehensive income (FASB ASC
Topic 220), requiring improved disclosures of reclassifications out of accumulated other comprehensive income.
The provisions of the pronouncement require an entity to report the amounts reclassified, in their entirety, out of
accumulated other comprehensive income and the effect on the respective line items in net income. For amounts not
reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference the
amounts to other related disclosures. This pronouncement is effective for fiscal years, and interim periods within
those years, beginning after December 15, 2013. We will adopt this pronouncement for our fiscal year beginning
March 1, 2013. We do not expect this pronouncement to have a material effect on our consolidated financial
statements.
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