TCF Bank 2014 Annual Report Download - page 58

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which an acquirer obtains control of the acquired entity. This ASU became effective and was adopted by TCF on November 18,
2014. The adoption of this ASU did not have an impact on our consolidated financial statements.
In November 2014, the FASB issued ASU No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument
Issued in the Form of a Share Is More Akin to Debt or to Equity, which requires an entity that issues or invests in hybrid financial
instruments, issued in the form of a share, to determine the nature of the host contract by considering all stated and implied
substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of relevant facts
and circumstances and including the embedded derivative feature that is being evaluated for separate accounting from the host
contract. The adoption of this ASU will be required on a modified retrospective basis beginning with TCF’s Quarterly Report on
Form 10-Q for the quarter ending March 31, 2016. The adoption of this ASU is not expected to have a material impact on our
consolidated financial statements.
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going
Concern, which provides guidance regarding management’s responsibility to evaluate whether there is substantial doubt about
an entity’s ability to continue as a going concern. If substantial doubt exists and is not alleviated, or if substantial doubt exists and
is alleviated by consideration of management’s plans, footnote disclosures are required. The adoption of this ASU will be required
on a prospective basis beginning with TCF’s Annual Report on Form 10-K for the year ending December 31, 2016. The adoption
of this ASU is not expected to have a material impact on our consolidated financial statements.
In August 2014, the FASB issued ASU No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon
Foreclosure, which clarified that creditors should classify certain government-guaranteed mortgage loans upon foreclosure as a
separate other receivable. The separate other receivable will be measured based on the amount of the loan balance (principal and
interest) expected to be recovered from the guarantor. The adoption of this ASU will be required on a prospective or modified
retrospective basis beginning with TCF’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2015. The adoption of
this ASU is not expected to have a material impact on our consolidated financial statements.
In August 2014, the FASB issued ASU No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated
Collateralized Financing Entity, which amends guidance on the measurement of financial assets and financial liabilities of a
consolidated collateralized financing entity. Under the ASU, a reporting entity that has consolidated a collateralized financing
entity may elect to measure the financial assets and financial liabilities using the more observable of the fair value of the financial
assets and the fair value of the financial liabilities. When this measurement alternative is not elected, this ASU clarifies that the
fair value of financial assets and financial liabilities should be measured in accordance with existing fair value guidance and any
difference in the fair value of financial assets and financial liabilities should be reflected in earnings and attributed to the reporting
entity. The adoption of this ASU will be required on a retrospective or modified retrospective basis beginning with TCF’s
Quarterly Report on Form 10-Q for the quarter ending March 31, 2016. The adoption of this ASU is not expected to have a
material impact on our consolidated financial statements.
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide
That a Performance Target Could Be Achieved after the Requisite Service Period, which clarifies that entities should treat
performance targets that can be met after the requisite service period of a share-based payment award as performance
conditions that affect vesting. Under the ASU, an entity would not record compensation expense related to an award for which
transfer to the employee is contingent on the entity’s satisfaction of a performance target until it becomes probable that the
performance target will be met. The adoption of this ASU will be required, either on a retrospective basis or prospective basis,
beginning with TCF’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2016. The adoption of this ASU is not
expected to have a material impact on our consolidated financial statements.
In June 2014, the FASB issued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions,
Repurchase Financings, and Disclosures, which makes limited amendments to guidance in Topic 860 on accounting for certain
repurchase agreements. The ASU requires entities to account for repurchase-to-maturity transactions as secured borrowings,
eliminates accounting guidance on linking repurchase financing transactions and expands disclosure requirements related to
certain transfers of financial assets that are accounted for as sales and certain transfers accounted for as secured borrowings.
The adoption of this ASU, as it relates to accounting changes and disclosures for certain transfers of financial assets treated as
sales will be required beginning with TCF’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2015. The adoption
of this ASU, as it relates to disclosures for certain transfers of financial assets accounted for as secured borrowings, will be
required beginning with TCF’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2015. Upon adoption of this ASU,
changes in accounting for transactions outstanding are required to be presented as a cumulative-effect adjustment to retained
earnings as of the beginning of the reporting period, and disclosures are not required to be presented for comparative periods.
The adoption of this ASU is not expected to have a material impact on our consolidated financial statements.
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