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ASU 2014
-09
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers". ASU 2014-
09 clarifies the principles for
recognizing revenue and develops a common revenue standard for U.S. GAAP and the International Accounting Standards Board that:
• removes inconsistencies and weaknesses in revenue requirements;
• provides a more robust framework for addressing revenue issues;
• improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets;
• provides more useful information to users of financial statements through improved disclosure requirements; and
• simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer.
ASU 2014-
09 is effective for annual and interim periods beginning on or after December 15, 2016. While we do not expect the adoption of ASU
2014-09 to have a material effect on our business, we are still evaluating any potential impact that adoption of
ASU 2014-09 may have on our financial position, results of operations or cash flows.
ASU 2014
-08
In April 2014, the FASB issued ASU No. 2014-
08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment
(Topic 360) and Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". ASU 2014-
08 amends the
operations and assets held for sale. ASU 2014-08 also enhances the convergence of the FASB’
s and the International Accounting Standard
Board’s reporting requirements for discontinued operations. ASU 2014-
08 is effective for annual periods beginning on or after December 15,
2014, and interim periods within annual periods beginning on or after December 15, 2015. We do not expect the adoption of ASU 2014-
08 to
have a material effect on our financial position, results of operations or cash flows.
ASU 2013
-11
In July 2013, the FASB issued ASU No. 2013-
11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a
Similar Tax Loss, or a Tax Credit Carryforward Exists". ASU 2013-
11 amends the guidance related to the presentation of unrecognized tax
carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. ASU 2013-
11 was effective
for annual and interim periods for fiscal years beginning after December 15, 2013. Since ASU 2013-
11 relates only to the presentation of
unrecognized tax benefits, our adoption of ASU 2013-
11 in January 2014 did not have a material effect on our financial position, results of
operations or cash flows.
(2) DISCONTINUED OPERATIONS
Following is a summary of certain financial information regarding our discontinued operations (in thousands):
39
Year Ended December 31,
2014 2013 2012
Revenue
$
—
$
—
$
—
Loss from discontinued operations
(1,134
)
(559
)
(163
)
Reclassification of foreign currency translation gains to income upon substantial liquidation
of subsidiaries
—
—
6,170
Income tax (provision) benefit
(454
)
389
234
Total income (loss) from discontinued operations
$
(1,588
)
$
(170
)
$
6,241