Navy Federal Credit Union 2014 Annual Report Download - page 30

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Navy Federal Credit Union12
additional disclosures surrounding the mortgage loans that are in the process of foreclosure. This ASU is
not expected to significantly impact Navy Federal’s consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606),
eective for annual reporting periods beginning after December 15, 2017. This ASU requires an entity
to recognize revenue to depict the transfer of promised goods or services to customers in an amount
that reflects the consideration to which the company expects to be entitled in exchange for those
goods or services. The guidance should be applied either retrospectively to each prior reporting period
presented or retrospectively with the cumulative eect of initially applying this guidance recognized at
the date of initial application. Navy Federal is currently assessing the impact on its future consolidated
financial statements.
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-
Maturity Transactions, Repurchase Financings, and Disclosure, eective for annual reporting periods
beginning after December 15, 2014. This ASU requires repurchase-to-maturity transactions to be
accounted for as secured borrowings and requires separate accounting for a transfer of a financial asset
executed contemporaneously with a repurchase agreement with the same counterparty. This ASU also
requires new and expanded disclosures for certain transactions accounted for as secured borrowings in
transactions that are economically similar to repurchase agreements and about the types of collateral
pledged in repurchase agreements and similar transactions accounted for as secured borrowings.
This ASU is not expected to significantly impact Navy Federal’s consolidated financial statements.
In August 2014, the FASB issued ASU 2014-14, Receivables—Troubled Debt Restructurings by Creditors
(Topic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure,
eective for annual reporting periods ending after December 15, 2015. This ASU requires that mortgage
loans which are either fully or partially guaranteed under government programs be derecognized
and a separate other receivable be recognized upon foreclosure if certain conditions are met. If those
conditions are met and such a receivable is recognized, the receivable should be measured based on
the amount of principal and interest related to the loan expected to be recovered from the guarantor.
This ASU is not expected to significantly impact Navy Federal’s consolidated financial statements.
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern
(Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,
eective for annual reporting periods ending after December 15, 2016. This ASU provides guidance
about management’s responsibility to evaluate whether there is substantial doubt about an entity’s
ability to continue as a going concern and to provide related footnote disclosures. This ASU is not
expected to significantly impact Navy Federal’s consolidated financial statements.
NOTE 2: RESTRICTIONS ON CASH
NFFG had $2.3 million and $2.8 million in restricted cash at December 31, 2014 and 2013, respectively,
as part of its original agreement with Charlie Mac, LLC. See Note 8 for details.
All restricted cash amounts are included in Other assets on the Consolidated Statements of
Financial Condition.