Huntington National Bank 2015 Annual Report Download - page 125

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reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance sets forth a
five step approach to be utilized for revenue recognition. The amendments were originally effective for annual reporting periods
beginning after December 15, 2016, including interim periods within that reporting period. Subsequently, the FASB issued a one-year
deferral for implementation, which results in new guidance being effective for annual and interim reporting periods beginning after
December 15, 2017. The FASB, however, permitted adoption of the new guidance on the original effective date. Management is
currently assessing the impact on Huntington’s Consolidated Financial Statements.
ASU 2014-11—Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and
Disclosures. The amendments in the ASU require repurchase-to-maturity transactions to be recorded and accounted for as secured
borrowings. Amendments to Topic 860 also require separate accounting for a transfer of a financial asset executed contemporaneously
with a repurchase agreement with the same counterparty (i.e., a repurchase financing), which will result in secured borrowing
accounting for the repurchase agreement, as well as additional required disclosures. The accounting amendments and disclosures are
effective for interim and annual periods beginning after December 15, 2014. The disclosures for repurchase agreements, securities
lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for
annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The amendments did not
have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2014-12—Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of
an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments require
that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance
condition. Specifically, if the performance target becomes probable of being achieved before the end of the requisite service period,
the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The
amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015.
Management is currently assessing the impact on Huntington’s Consolidated Financial Statements.
ASU 2014-14—Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain
Government-Guaranteed Mortgage Loans upon Foreclosure. The amendments require a mortgage loan to be derecognized and a
separate receivable to be recognized upon foreclosure if the loan has a government guarantee that is non-separable from the loan
before foreclosure, the creditor has the ability and intent to convey the real estate property to the guarantor, and any amount of the
claim that is determined on the basis of the fair value of the real estate is fixed. Additionally, the separate other receivable should be
measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor upon
foreclosure. The amendments were effective for annual periods and interim periods within those annual periods beginning after
December 15, 2014. The amendments did not have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2015-02—Consolidation (Topic 810) Amendments to the Consolidation Analysis. The amendment applies to entities in all
industries and provides a new scope exception for registered money market funds and similar unregistered money market funds. It also
makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from
applying the variable interest entity accounting guidance. The amendments are effective for annual periods beginning after
December 15, 2015. The amendments are not expected to have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2015-03—Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This ASU was issued to
simplify presentation of debt issuance costs. The amendments in this ASU require debt issuance costs related to a recognized debt
liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt
discounts. Subsequently, the FASB issued ASU 2015-15 to amend the SEC paragraph related to debt issuance cost. The amendment
applies to debt issuance costs related to a line-of-credit arrangement which may be presented as an asset. The cost related to the line-of
credit should be subsequently amortized ratably over the term of the line-of-credit arrangement. The recognition and measurement
guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial
statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendment is
not expected to have a material impact on Huntington’s Consolidated Financial Statements.
ASU 2015-10—Technical Corrections and Improvements. The technical corrections and improvements included in the ASU are
issued in June 2015 with an objective to clarify the Accounting Standards Codification (“Codification”), correct unintended
application of guidance, or make minor improvements to the Codification that are minor in nature. One of the corrections is related to
disclosure of fair value for non-recurring items. The ASU requires disclosure of fair value for non-recurring items at the relevant
measurement date where the fair value is not measured at the end of the reporting period. Also, for nonrecurring measurements
estimated at a date during the reporting period other than the end of the reporting period, a reporting entity shall clearly indicate that
the fair value information presented is not as of the period’s end as well as the date or period that the measurement was taken. The
technical correction is effective upon issuance. The correction in the ASU does not have a significant impact on Huntington’s
Consolidated Financial Statements.
ASU 2015-16 — Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this Update require that
an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in