KeyBank 2014 Annual Report Download - page 141
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requirements. This accounting guidance will be effective prospectively for reporting periods beginning after
December 15, 2014 (effective January 1, 2015, for us). Early adoption is permitted. The adoption of this
accounting guidance is not expected to have a material effect on our financial condition or results of operations.
Investments in qualified affordable housing projects. In January 2014, the FASB issued new accounting
guidance that modifies the conditions that must be met to make an election to account for investments in
qualified affordable housing projects using the proportional amortization method. This accounting guidance will
be effective retrospectively for reporting periods beginning after December 15, 2014 (effective January 1, 2015,
for us). Early adoption is permitted. The adoption of this accounting guidance is not expected to have a material
effect on our financial condition or results of operations.
Troubled debt restructurings. In January 2014, the FASB issued new accounting guidance that clarifies the
definition of when an in substance repossession or foreclosure occurs for purposes of creditor reclassification of
residential real estate collateralized consumer mortgage loans by derecognizing the loan and recognizing the
collateral asset. This accounting guidance will be effective for reporting periods beginning after December 15,
2014 (effective January 1, 2015, for us) and can be implemented using either a modified retrospective method or
prospective method. Early adoption is permitted. We have elected to implement the new accounting guidance
using a prospective approach. The adoption of this accounting guidance is not expected to have a material effect
on our financial condition or results of operations.
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