Overstock.com 2015 Annual Report Download - page 49
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deferred the effective date for us to January 1, 2018. Early adoption is permitted, but not before the original effective date. The standard permits the use of
either the retrospective or cumulative effect transition method. There have also been other Proposed Accounting Standards Updates which may further
modify ASU 2014-09. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not
yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.
In April 2015, the FASB issued ASU No. 2015-03, ,
which requires that 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. The new standard becomes effective for us on January 1, 2016. Early adoption is permitted. The standard
requires entities to apply this change on a retrospective basis for the periods presented. The adoption of this standard will cause us to reclassify certain debt
issuance costs currently classified in other assets to a direct reduction of the related debt liability.
In July 2015, the FASB issued ASU No. 2015-11, , which requires inventory to be
measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably
predictable costs of completion, disposal, and transportation. The new standard becomes effective for us on January 1, 2017. Early adoption is permitted. The
standard requires entities to apply this change prospectively to the measurement of inventory after the date of adoption. We do not intend to adopt the
standard before the effective date. We are evaluating the effect that ASU 2015-11 will have on our consolidated financial statements and related disclosures.
In August 2015, the FASB issued ASU No. 2015-15,
, which states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and
subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The new standard becomes effective for us
on January 1, 2016. We do not expect that ASU 2015-15 will have a material impact on our consolidated financial statements or related disclosures.
In September 2015, the FASB issued ASU No. 2015-16,
, which requires an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting
period in which the adjustment amounts are determined and eliminates the requirement to retrospectively account for those adjustments. The new standard
becomes effective for us on January 1, 2016. Early adoption is permitted. The standard requires entities to apply this change prospectively to adjustments to
provisional amounts that occur after the effective date of this update. We do not expect that ASU 2015-16 will have a material impact on our consolidated
financial statements and related disclosures.
In November 2015, the FASB issued ASU No. 2015-17, , which requires
that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. The new standard becomes effective for us on January 1, 2017.
Early adoption is permitted. The standard requires entities to apply this change on either a prospective or retrospective basis for the periods presented. We do
not intend to adopt the standard before the effective date. We have not yet selected a transition method. The adoption of this standard will cause us to
reclassify our current deferred tax assets to long-term deferred tax assets in our consolidated financial statements.
In February 2016, the FASB issued ASU No. 2016-02, , which, among other things, requires lessees to recognize most leases on
their balance sheets related to the rights and obligations created by those leases. The new standard also requires new disclosures to help financial statement
users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard becomes effective for us on January 1, 2019.
Early adoption is permitted. The amendments in this update should be applied under a modified retrospective approach. We are evaluating the effect that
ASU 2016-02 will have on our consolidated financial statements and related disclosures.
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