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Notes To Consolidated Financial Statements
100 Unum 2015 Annual Report
Accounting Updates Outstanding: (Continued)
ASC Description
Date of
Adoption
Effect on Financial
Statements
ASC 835 “Interest —
Imputation of Interest”
This update simplifies the presentation of deferred debt
issuance costs by requiring these costs to be presented in
the balance sheet as a reduction of the carrying amount
of the debt liability to which the deferred costs relate,
rather than classifying the deferred costs as an asset.
This classification is consistent with the treatment of debt
discounts. The guidance is to be applied retrospectively.
January 1, 2016 The adoption of this update
will result in reclassification
adjustments to our
consolidated balance
sheets but will not have
an effect on our financial
position or results of
operations.
ASC 944 “Financial
Services — Insurance”
This update changes the disclosure requirements for certain
insurance contracts. These changes include a requirement
to disclose the rollforward of the liability for unpaid claims
and claim adjustment expenses in both interim and annual
reporting periods for long-duration and short-duration
insurance contracts. Additional claims disclosures will also
be required for short-duration contracts. The guidance is to
be applied retrospectively.
January 1, 2016 for
annual reporting
period disclosures
and January 1,
2017 for interim
reporting period
disclosures.
The adoption of this update
will modify our disclosures
but will not have an effect
on our financial position or
results of operations.
ASC 820 “Fair Value
Measurement”
This update eliminates the requirement to categorize within
the fair value hierarchy table investments whose fair value
is measured at net asset value using the practical expedient.
Instead, entities will be required to disclose the fair value of
these investments so that financial statement users can
reconcile amounts reported in the fair value hierarchy table
to the amounts reported on the consolidated balance
sheets. The guidance is to be applied retrospectively.
January 1, 2016 The adoption of this update
will modify our disclosures
but will not have an effect
on our financial position or
results of operations.