KeyBank 2013 Annual Report Download - page 142

Reporting of amounts reclassified out of AOCI. In February 2013, the FASB issued new accounting guidance
that requires reclassifications of amounts out of AOCI to be reported in a new format. It does not require the
reporting of any information that is not currently required to be disclosed under existing GAAP. This accounting
guidance was effective prospectively for reporting periods beginning after December 15, 2012 (effective
January 1, 2013, for us). The disclosures required by this accounting guidance are provided in Note 21
(“Accumulated Other Comprehensive Income”).
Testing indefinite-lived intangible assets for impairment. In July 2012, the FASB issued new accounting
guidance that simplifies how an entity tests indefinite-lived intangible assets other than goodwill for impairment.
It permits an entity to first assess qualitative factors to determine whether further impairment testing is required.
This accounting guidance was effective for annual and interim impairment tests performed for fiscal years
beginning after September 15, 2012 (January 1, 2013, for us). The adoption of this accounting guidance did not
have a material effect on our financial condition or results of operations.
Offsetting disclosures. In December 2011, the FASB issued new accounting guidance that requires an entity to
disclose information about offsetting and related arrangements to enable financial statement users to understand
the effect of those arrangements on the entity’s financial position. In January 2013, the FASB issued new
accounting guidance that clarified the scope of the guidance to include derivatives, repurchase and reverse
repurchase agreements, and securities lending and borrowing transactions. This accounting guidance was
effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those
annual periods (effective January 1, 2013, for us). Information about our offsetting and related arrangements is
provided in Note 14 (“Securities Financing Activities”).
Accounting Guidance Pending Adoption at December 31, 2013
Presentation of unrecognized tax benefits. In July 2013, the FASB issued new accounting guidance that
requires unrecognized tax benefits to be presented as a decrease in a net operating loss, similar tax loss or tax
credit carryforward if certain criteria are met. This accounting guidance will be applied prospectively to
unrecognized tax benefits that exist at the effective date. It will be effective for fiscal years, and interim periods
within those years, beginning after December 15, 2013 (effective January 1, 2014, for us). Early adoption and/or
retrospective application are permitted. The adoption of this accounting guidance is not expected to have a
material effect on our financial condition or results of operations.
Investment companies. In June 2013, the FASB issued new accounting guidance that modifies the criteria used
to define an investment company. It also sets forth certain measurement and disclosure requirements for an
investment company. This accounting guidance will be effective for interim and annual reporting periods in
fiscal years that begin after December 15, 2013 (effective January 1, 2014, for us). Early application is
prohibited. The adoption of this accounting guidance is not expected to have a material effect on our financial
condition or results of operations.
Liquidation basis of accounting. In April 2013, the FASB issued new accounting guidance that specifies when
and how an entity should prepare its financial statements using the liquidation basis of accounting when
liquidation is imminent, as defined in the guidance, and describes the related disclosures that should be made.
This new accounting guidance will be effective for entities that determine liquidation is imminent during annual
reporting periods beginning after December 15, 2013, and interim reporting periods therein (effective January 1,
2014, for us). Entities should apply the requirements prospectively from the day that liquidation becomes
imminent. Early adoption is permitted.
Reporting of cumulative translation adjustments upon the derecognition of certain investments. In March
2013, the FASB issued new accounting guidance that addresses the accounting for the cumulative translation
adjustment 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
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