Visa 2014 Annual Report Download - page 97

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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2014
recognized derivative instruments, including bifurcated embedded derivatives, repurchase agreements
and reverse repurchase agreements, and securities borrowing and lending transactions. The amended
standard impacts presentation only. The Company adopted the standard effective October 1, 2013.
The adoption did not have a material impact on the consolidated financial statements.
In February 2013, the FASB issued ASU 2013-02, which established the effective date for the
requirement to report the effect of significant reclassifications out of accumulated other comprehensive
income on the respective line items in net income. The standard impacts presentation only and does
not impact the underlying components of other comprehensive income or net income. The Company
adopted the standard effective October 1, 2013. Beginning with fiscal 2014, the components related to
pension and postretirement benefit plans are presented on the consolidated statements of
comprehensive income. All prior period information has been reclassified to conform to current period
presentation. The adoption did not have a material impact on the consolidated financial statements.
In February 2013, the FASB issued ASU 2013-04, which provides guidance for the recognition,
measurement and disclosure of obligations resulting from joint and several liability arrangements for
which the total amount of the obligation is fixed at the reporting date. The Company will adopt the
standard effective October 1, 2014. The adoption is not expected to have a material impact on the
consolidated financial statements.
In March 2013, the FASB issued ASU 2013-05, which clarifies the applicable guidance for the
release of the cumulative translation adjustment into net income when a parent either sells a part or all
of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or
group of assets that is a nonprofit activity or a business within a foreign entity. The Company will adopt
the standard effective October 1, 2014. The adoption is not expected to have a material impact on the
consolidated financial statements.
In July 2013, the FASB issued ASU 2013-11, which provides guidance for the financial statement
presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss
or a tax credit carryforward exists. The Company will adopt the standard effective October 1, 2014. The
adoption is not expected to have a material impact on the consolidated financial statements.
In May 2014, the FASB issued ASU No. 2014-09, which requires an entity to recognize the
amount of revenue to which it expects to be entitled for the transfer of goods or services to customers.
The ASU will replace existing revenue recognition guidance in U.S. GAAP when it becomes effective.
The Company will adopt the standard effective October 1, 2017. Early application is not permitted. The
standard permits the use of either the retrospective or cumulative effect transition method. The
Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements
and related disclosures. The Company has not yet selected a transition method and is evaluating the
full effect of the standard on its ongoing financial reporting.
In June 2014, the FASB issued ASU No. 2014-12, which requires a performance target in stock
compensation awards that affects vesting, and is achievable after the requisite service period, be
treated as a performance condition. The Company will adopt the standard effective October 1, 2016.
The adoption is not expected to have a material impact to the consolidated financial statements.
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