Unum 2015 Annual Report Download - page 101

Download and view the complete annual report

Please find page 101 of the 2015 Unum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 172

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172

99
Unum 2015 Annual Report
Accounting Updates Outstanding:
ASC Description
Date of
Adoption
Effect on Financial
Statements
ASC 825 “Financial
Instruments —
Overall”
This update changes the accounting and disclosure
requirements for certain financial instruments. These
changes include a requirement to measure equity
investments, other than those that result in consolidation
or are accounted for under the equity method, at fair value
through net income unless the investment qualifies for
certain practicability exceptions. In addition, the update
clarifies guidance related to the valuation allowance
assessment when recognizing deferred tax assets resulting
from unrealized losses on available-for-sale fixed maturity
securities. Changes also include the modification of certain
disclosures around the fair value of financial instruments,
including the requirement for separate presentation of
financial assets and liabilities by measurement category,
as well as the elimination of certain disclosures around
methods and significant assumptions used to estimate
fair value. The guidance is to be applied retrospectively.
January 1, 2018 We have not yet
determined the expected
impact on our financial
position or results of
operations.
ASC 606 “Revenue
from Contracts
with Customers”
This update supersedes virtually all existing guidance
regarding the recognition of revenue from customers.
Specifically excluded from the scope of this update are
insurance contracts, although our fee-based service
products are included within the scope. The core principle
of this guidance is that revenue recognition should depict
the transfer of goods or services to customers in an
amount that reflects the consideration to which an entity
expects to be entitled in exchange for those goods or
services. The guidance is to be applied retrospectively.
January 1, 2018 The adoption of this update
will not have a material
effect on our financial
position or results of
operations.