Twenty-First Century Fox 2014 Annual Report Download - page 94

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TWENTY-FIRST CENTURY FOX, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
88
recorded at its estimated fair value in the Consolidated Balance Sheets with changes in estimated fair value recorded
in Other, net in the Consolidated Statements of Operations.
Recently Adopted and Recently Issued Accounting Guidance
Adopted
In February 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income
(Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-
02”), which requires the Company to provide information about the amounts reclassified out of accumulated other
comprehensive income by component. In addition, it requires the Company to present, either on the face of the
statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other
comprehensive income by the respective line items of net income but only if the amount reclassified is required
under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are
not required under GAAP to be reclassified in their entirety to net income, the Company is required to cross-
reference to other disclosures required under GAAP that provide additional detail about those amounts. ASU 2013-
02 became effective for the Company for interim reporting periods beginning July 1, 2013. The adoption of ASU
2013-02 resulted in the disclosure of additional information within the notes to the Consolidated Financial
Statements. (See Note 13 – Stockholders’ Equity)
Issued
In March 2013, the FASB issued ASU 2013-05, “Foreign Currency Matters (Topic 830): Parent’s Accounting
for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a
Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). The objective of ASU 2013-05 is to
resolve the diversity in practice regarding the release of the cumulative translation adjustment into net income 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 or a business within a foreign entity. ASU 2013-05 is effective for the Company
for interim reporting periods beginning July 1, 2014. The Company is currently evaluating the impact ASU 2013-05
will have on its Consolidated Financial Statements.
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and
Property, Plant, and Equipment (Topic 360)” (“ASU 2014-08”). The amendments in ASU 2014-08 provide guidance
for the recognition of discontinued operations, change the requirements for reporting discontinued operations in
ASC 205-20, “Discontinued Operations” (“ASC 205-20”) and require additional disclosures about discontinued
operations. ASU 2014-08 is effective on a prospective basis for the Company for interim reporting periods
beginning July 1, 2015. Early adoption is permitted, subject to certain conditions. The Company is currently
evaluating the impact ASU 2014-08 will have on its Consolidated Financial Statements.
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts from Customers (Topic 606)” (“ASU
2014-09”). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of
promised goods or services to customers in an amount that reflects the consideration to which the entity expects to
be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company for interim reporting
periods beginning July 1, 2017. Early adoption is not permitted. The Company is currently evaluating the impact
ASU 2014-09 will have on its Consolidated Financial Statements.
In June 2014, the FASB issued 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” (“ASU 2014-12”). The amendments in ASU 2014-12 require that a
performance target that affects vesting and that could be achieved after the requisite service period be treated as a
performance condition. ASU 2014-12 is effective for the Company for interim reporting periods beginning July 1,
2016, however early adoption is permitted. The Company does not expect the adoption of ASU 2014-12 to have a
significant impact on the Consolidated Financial Statements.