Cash America 2015 Annual Report Download - page 97

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Revision of Prior Period Financial Statement
“Dividends declared per common share” on the consolidated statement of income for the year ended
December 31, 2014 was revised to reflect the amount of dividends declared and paid during the year ended
December 31, 2014. The previously reported amount of $0.155 per common share was revised to $0.14 per
common share. Management determined that the impact on the previously-issued financial statements was
immaterial. The correction had no impact on previously-reported net income available to Cash America
International, Inc. or shareholders’ equity.
Accounting Standards to be Adopted in Future Periods
In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial
Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial
Liabilities (“ASU 2016-01”), which requires that equity investments, except for those accounted for under the
equity method or those that result in consolidation of the investee, be measured at fair value, with subsequent
changes in fair value recognized in net income. However, an entity may choose to measure equity investments that
do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from
observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU
2016-01 also impacts the presentation and disclosure requirements for financial instruments. ASU 2016-01 is
effective for public business entities for annual periods, and interim periods within those annual periods, beginning
after December 15, 2017. Early adoption is permitted only for certain provisions. The Company does not expect that
the adoption of ASU 2016-01 will have a material effect on its consolidated financial statements.
In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification
of Deferred Taxes (“ASU 2015-17”), which requires that deferred tax assets and liabilities be classified as non-
current on the balance sheet. ASU 2015-17 eliminates the current requirement for an entity to separate deferred
income tax liabilities and assets into current and non-current amounts on the balance sheet. ASU 2015-17 is
effective for public business entities for annual periods, and interim periods within those annual periods, beginning
after December 15, 2016 and can be prospectively or retrospectively applied. Early adoption is permitted. The
Company does not expect that the adoption of ASU 2015-17 will have a material effect on its consolidated financial
statements.
In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software
(Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05”),
which defines specific criteria that entities must apply to determine if a cloud computing arrangement includes an
in-substance software license. The result of the assessment will direct the entity to apply either software licensing or
service contract guidance to record the related fees. ASU 2015-05 is effective for annual periods, including interim
periods within those annual periods, beginning after December 15, 2015 and can be prospectively or retrospectively
applied. Early adoption is permitted. The Company does not expect that the adoption of ASU 2015-05 will have a
material effect on its consolidated financial statements.
In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30):
Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”), which requires that debt issuance costs
related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying
amount of the related debt liability, consistent with debt discounts. In addition, since ASU 2015-03 does not address
presentation or subsequent measurement of debt issuance costs specifically related to line-of-credit arrangements,
the FASB also issued ASU 2015-15, Interest—Imputed Interest (Subtopic 835-30): Presentation and Subsequent
Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), in August
2015. ASU 2015-15 states that, for line-of-credit arrangements, entities can continue to defer and present debt
issuance costs as an asset and subsequently amortize the deferred debt costs ratably over the term of the
CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
93