Fluor 2013 Annual Report Download - page 114

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FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Management does not expect the adoption of ASU 2013-11 to have a material impact on the company’s
financial position, results of operations or cash flows.
In April 2013, the FASB issued ASU 2013-07, ‘‘Liquidation Basis of Accounting,’’ which clarifies when
an entity should apply the liquidation basis of accounting. In addition, ASU 2013-07 provides principles for
the recognition and measurement of assets and liabilities and requirements for financial statements
prepared using the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine
liquidation is imminent during interim and annual reporting periods beginning after December 15, 2013.
Management does not expect the adoption of ASU 2013-07 to have a material impact on the company’s
financial position, results of operations or cash flows.
In March 2013, the FASB issued ASU 2013-05, ‘‘Parent’s Accounting for the Cumulative Translation
Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of
an Investment in a Foreign Entity.’’ The objective of ASU 2013-05 is to resolve a practice diversity in
circumstances where reporting entities release cumulative translation adjustments into net income when a
parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling
financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a
sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU
2013-05 is effective for interim and annual reporting periods beginning after December 15, 2013 and will
be applied on a prospective basis. Management does not expect the adoption of ASU 2013-05 to have a
material impact on the company’s financial position, results of operations or cash flows.
In February 2013, the FASB issued ASU 2013-04, ‘‘Obligations Resulting from Joint and Several
Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date,’’
which addresses the recognition, measurement and disclosure of certain obligations including debt
arrangements, other contractual obligations and settled litigation and judicial rulings. ASU 2013-04 is
effective for interim and annual reporting periods beginning after December 15, 2013. Management does
not expect the adoption of ASU 2013-04 to have a material impact on the company’s financial position,
results of operations or cash flows.
In the first quarter of 2013, the company adopted ASU 2012-04, ‘‘Technical Corrections and
Improvements.’’ The amendments in ASU 2012-04 make technical corrections, clarifications and limited-
scope improvements to various topics throughout the ASC. The adoption of ASU 2012-04 did not have a
material impact on the company’s financial position, results of operations or cash flows.
F-15