Voya 2013 Annual Report Download - page 263

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Disclosures about Amounts Reclassified out of Accumulated Other Comprehensive Income
In January 2013, the FASB issued ASU 2013-02, “Comprehensive Income (ASC Topic 220): Reporting of
Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), which requires an
entity to provide information about the amounts reclassified out of accumulated other comprehensive income by
component. In addition, an entity is required 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 U.S. GAAP to be
reclassified to net income in its entirety in the same reporting period. For other amounts that are not required
under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to
other disclosures required under U.S. GAAP that provide additional detail about those amounts.
The provisions of ASU 2013-02 were adopted by the Company on January 1, 2013. The adoption had no effect
on the Company’s financial condition, results of operations or cash flows, as the pronouncement only pertains to
additional disclosure. The disclosures required by ASU 2013-02, including comparative period disclosures, are
included in Note 14. Accumulated Other Comprehensive Income to these Consolidated Financial Statements.
Future Adoption of Accounting Pronouncements
Income Taxes
In July 2013, the FASB issued ASU 2013-11, “Income Taxes (ASC Topic 740): 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”), which clarifies that:
• An unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net
operating loss carryforward, a similar tax loss or a tax credit carryforward, except,
• An unrecognized tax benefit should be presented as a liability and not be combined with a deferred tax
asset (i) to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is
not available at the reporting date to settle any additional income taxes that would result from the
disallowance of a tax position or (ii) the tax law does not require the entity to use, or the entity does not
intend to use, the deferred tax asset for such a purpose.
• The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and
deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax
position at the reporting date.
The provisions of ASU 2013-11 are effective for years, and interim periods within those years, beginning after
December 15, 2013, and should be applied prospectively to all unrecognized tax benefits that exist at the
effective date. The Company does not expect ASU 2013-11 to have an impact on its financial condition, results
of operations or cash flows as the guidance is consistent with that currently applied.
Investment Companies
In June 2013, the FASB issued ASU 2013-08, “Financial Services-Investment Companies (ASC Topic 946):
Amendments to the Scope, Measurement, and Disclosure Requirements” (“ASU 2013-08”), which provides
comprehensive guidance for assessing whether an entity is an investment company and requires an investment
company to measure noncontrolling ownership interests in other investment companies at fair value. ASU 2013-
08 also requires an entity to disclose that it is an investment company and any changes to that status, as well as
information about financial support provided or required to be provided to investees.
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