Snapple 2012 Annual Report Download - page 78

DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
60
Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities
resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All such differences are
recorded in results of operations and amounted to $7 million, $8 million and $14 million during the years ended December 31,
2012, 2011 and 2010, respectively.
Recently Issued Accounting Standards
In December 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2011-11,
Disclosures about Offsetting Assets and Liabilities within the Balance Sheet ("ASU 2011-11"). The amendments in ASU 2011-11
require entities to disclose both gross information and net information about both instruments and transactions eligible for offset
in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 2011-11
is effective during interim and annual periods beginning after January 1, 2013. The Company will reflect the impact of these
amendments beginning with the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2013. The Company
does not anticipate a material impact to the Company's financial position, results of operations or cash flows as a result of this
change.
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other
Comprehensive Income ("ASU 2013-02"). ASU 2013-02 requires registrants to provide information about the amounts reclassified
out of AOCL by component. In addition, an entity is required to present significant amounts reclassified out of AOCL by the
respective line items of net income. ASU 2013-02 is effective for fiscal years, and interim periods within those years, beginning
after December 15, 2012. The Company will reflect the impact of these amendments beginning with the Company's Quarterly
Report on Form 10-Q for the period ending March 31, 2013. As the new standard does not change the current requirements for
reporting net income or other comprehensive income in the financial statements, the Company's financial position, results of
operations or cash flows will not be impacted.
Recently Adopted Provisions of U.S. GAAP
In accordance with U.S. GAAP, the following provisions, which had no material impact on the Company's financial position,
results of operations or cash flows, were effective as of January 1, 2012.
• Amendments to certain fair value measurement requirements reflected changes in wording used to describe and clarify
the FASB's intent with respect to many of the requirements in U.S. GAAP for measuring fair value and for disclosing
information about fair value measurements.
• The requirement to present the total of comprehensive income either in a single continuous statement of comprehensive
income or in two separate but consecutive statements. The Company presented the comprehensive income in two separate
but consecutive statements within the Condensed Consolidated Financial Statements.
• The qualitative option meant to simplify how registrants test goodwill for impairment by assessing certain factors to
determine whether it is necessary to perform the two-step goodwill impairment test included in U.S. GAAP.
In accordance with U.S. GAAP, the following provision, which had no material impact on the Company's financial position,
results of operations or cash flows, was early adopted by the Company as of December 31, 2012.
• The qualitative option meant to simplify how registrants test indefinite lived intangible assets for impairment by assessing
certain factors to determine whether it is necessary to perform the quantitative impairment test included in U.S. GAAP.