World Fuel Services 2014 Annual Report Download - page 63

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accepted accounting principles in the United States should be interpreted in evaluating the economic characteristics and
risks of a host contract in a hybrid financial instrument that is issued in the form of a share. This update is effective at the
beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our
consolidated financial statements and disclosures.
Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a
Going Concern. In August 2014, the FASB issued an ASU which requires management of the Company to evaluate whether
there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective at the
beginning of our 2017 fiscal year. We do not expect the adoption of this new guidance to have an impact on our financial
statement disclosures.
Compensation-Stock Compensation. Accounting for Share-Based Payments When the Terms of an Award Provide That a
Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued an ASU which
includes guidance that requires a performance target that affects vesting and that could be achieved after the requisite
service period to be treated as a performance condition. This update is effective at the beginning of our 2016 fiscal year.
We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements
and disclosures.
Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In June 2014,
the FASB issued an ASU which changes the accounting for repurchase-to-maturity transactions and repurchase financing
arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. This
update is effective at the beginning of our 2015 fiscal year. We do not believe the adoption of this new guidance will have a
significant impact on our consolidated financial statements and disclosures.
Revenue from Contracts with Customers. In May 2014, the FASB issued an ASU which provides guidance for revenue
recognition for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts
for the transfer of non-financial assets. The ASU will replace most existing revenue recognition guidance in generally
accepted accounting principles in the United States when it becomes effective. This update is effective at the beginning of
our 2017 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact
on our consolidated financial statements and disclosures.
Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and
Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued an ASU which changes the criteria
for reporting discontinued operations and enhances disclosures in this area. It also addresses sources of confusion and
inconsistent application related to financial reporting of discontinued operations guidance. This update is effective at the
beginning of our 2015 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our
consolidated financial statements and disclosures.
Presentation of an Unrecognized Tax Benefit When a Net Loss Carryforward, a Similar Tax Loss, or a Tax Credit
Carryforward Exists. In July 2013, the FASB issued an ASU on the presentation of an unrecognized tax benefit when a net
operating loss carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax
benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss
carryforward. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have
a significant impact on our consolidated financial statements and disclosures.
Foreign Currency Matters Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain
Foreign Subsidiaries. In March 2013, the FASB issued an ASU aimed at resolving the diversity in practice of accounting
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. In addition, the amendments in this ASU resolve the diversity in
practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions)
involving a foreign entity. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU
did not have a significant impact on our consolidated financial statements and disclosures.
Disclosure Obligations Resulting from Joint and Several Liability Arrangements. In February 2013, the FASB issued an
ASU clarifying the guidance for the recognition, measurement and disclosure of obligations resulting from joint and several
liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date,
except for obligations addressed within existing guidance in U.S. GAAP. This update became effective at the beginning of
our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements