United Airlines 2011 Annual Report Download - page 101

Table of Contents
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In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-09 (“ASU 2011-09”), 
. This update requires additional disclosures, both quantitative and qualitative, about an
employer’s participation in a multiemployer pension plan. Some of the required disclosures include the plan names and identifying numbers of the significant
multiemployer plans in which an employer participates, the level of an employer’s participation in significant multiemployer plans, the financial health of
significant multiemployer plans, and the nature of employer commitments to the plan. ASU 2011-09 is effective for the Company’s annual reporting period
ended December 31, 2011 and the required disclosures are disclosed in Note 9.
In September 2011, the FASB issued Accounting Standards Update No. 2011-08 (“ASU 2011-08”), . This update permits
an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount
as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Previous guidance requires an entity to test goodwill for
impairment, on at least an annual basis, by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of a
reporting unit is less than its carrying amount, then the second step of the test must be performed to measure the amount of the impairment loss, if any. ASU
2011-08 is effective for the Company for annual and interim periods beginning January 1, 2012. The Company does not expect the adoption of ASU 2011-08
to have a material impact on its results of operations or financial position.
In June 2011, the FASB issued Accounting Standards Update No. 2011-05 (“ASU 2011-05”), . This guidance
eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity and requires all non-
owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive
statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement
that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. ASU 2011-05 is
effective for fiscal years, and interim periods within those years, beginning January 1, 2012 and should be applied retrospectively. As permitted, the
Company elected to early adopt ASU 2011-05 during 2011 and the two-statement approach is presented within this report. The adoption of this guidance only
relates to the presentation of comprehensive income.
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