Chesapeake Energy 2012 Annual Report Download - page 181
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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
171
20. Recently Issued and Proposed Accounting Standards
The Financial Accounting Standards Board (FASB) recently issued the following standards which we reviewed
to determine the potential impact on our financial statements upon adoption.
In February 2013, the FASB issued guidance on disclosure of information about changes in accumulated other
comprehensive income balances by component and significant items reclassified out of accumulated other
comprehensive income. The new requirements include disclosing significant amounts reclassified out of accumulated
other comprehensive income by the respective line items of net income, if required to be reclassified to net income in
their entirety. Other items are to be cross-referenced to other required disclosures that provide additional information
about those amounts. The guidance is effective for interim and annual periods beginning after December 15, 2012.
This guidance will not have an impact on our financial position or results of operations.
In December 2011, the FASB issued guidance on disclosure of information about offsetting and related
arrangements to enable users of a company's financial statements to understand the effect of those arrangements on
its financial position. In January 2013, the FASB issued additional guidance to clarify the scope of disclosures about
offsetting and related arrangements, noting this guidance only applies to derivatives, repurchase agreements and
reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in
accordance with specific criteria contained in other guidance or subject to a master netting arrangement or similar
agreement. Both standards are effective for annual reporting periods beginning on or after January 1, 2013. This
guidance will not have an impact on our financial position or results of operations.