Voya 2014 Annual Report Download - page 284

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
accounting for a transfer of a financial asset executed with a repurchase agreement with the same counterparty.
This will result in secured borrowing accounting for the repurchase agreement. The amendments also require
additional disclosures for certain transactions accounted for as a sale and for repurchase agreements, securities
lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings.
The provisions of ASU 2014-11 are effective for the first interim or annual period beginning after December 15,
2014, with the exception of disclosure amendments for repurchase agreements, securities lending transactions
and repurchase-to-maturity transactions that are accounted for as secured borrowings, which are effective for
annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The
Company does not expect ASU 2014-11 to have an impact on its financial condition or results of operations, as
the Company has not historically met the requirements for sale accounting treatment for such secured borrowing
arrangements. The Company is currently in the process of determining the impact of adoption of the disclosure
provisions of ASU 2014-11.
Revenue from Contracts with Customers
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (ASC Topic 606)”
(“ASU 2014-09”), which requires an entity to 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. Revenue is recognized when, or as, the entity satisfies a performance
obligation under the contract. The standard also requires disclosures regarding the nature, amount, timing and
uncertainty of revenue and cash flows arising from contracts with customers.
The provisions of ASU 2014-09 are effective retrospectively for annual reporting periods beginning after
December 15, 2016, including interim periods within that reporting period. The Company is currently in the
process of determining the impact of adoption of the provisions of ASU 2014-09.
Discontinued Operations and Disposals
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (ASC Topic 205) and
Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of
Disposals of Components of an Entity” (“ASU 2014-08”), which requires the disposal of a component of an
entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a
major effect on the entity’s operations and financial results. The component should be reported in discontinued
operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other
than by sale.
The amendments also require additional disclosures about discontinued operations, including disclosures about
an entity’s significant continuing involvement with a discontinued operation and disclosures for a disposal of an
individually significant component of an entity that does not qualify for discontinued operations.
The provisions of ASU 2014-08 are effective for annual periods beginning after December 15, 2014 and for
interim periods beginning after December 15, 2015. The amendments should be applied prospectively to
disposals and classifications as held for sale that occur within those periods. The Company is currently in the
process of determining the impact of adoption of the provisions of ASU 2014-08.
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