Autodesk 2015 Annual Report Download - page 165

2015 Form 10-K 73
Accounting Standards Adopted
Effective February 1, 2014, Autodesk prospectively adopted FASB's Accounting Standards Update (“ASU”) 2013-11
regarding ASC Topic 740 “Income Tax.” This ASU clarifies the guidance on the presentation of an unrecognized tax benefit, or
a portion of an unrecognized tax benefit, in the consolidated financial statements as a reduction to a deferred tax asset for a net
operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of this ASU resulted in an $81.9M
reduction of both our long term taxes payable and long-term deferred tax assets as of January 31, 2015.
Recently Issued Accounting Standards
On May 28, 2014, the FASB issued ASU 2014-09 regarding ASC Topic 606 “Revenue from Contracts with Customers.”
This ASU provides principles for recognizing revenue for the transfer of promised goods or services to customers with the
consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU will be effective for
Autodesk’s fiscal year beginning February 1, 2017. Early adoption is not permitted. Autodesk is currently evaluating the
accounting, transition, and disclosure requirements of the standard and cannot currently estimate the financial statement impact
of adoption.
2015 Annual Report