Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2013

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

6.   RECENT ACCOUNTING PROUNCMENTS

ASC Update 2013-06 “Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the Emerging Issues Task Force)”

In April 2013, the FASB issued ASC Update 2013-06, “Not-for-Profit Entities (Topic 958): Services Received from Personnel of an Affiliate (a consensus of the Emerging Issues Task Force) (ASC Update 2013-06).  ASC Update 2013-06 provides guidance for recognizing and measuring services received from personnel of an affiliate.  This update is effective prospectively for fiscal years beginning after June 15, 2014.  Chugach will begin application of ASC Update 2013-06 on January 1, 2015.  Adoption is not expected to have any incremental effect on results of operations, financial position, and cash flows.

ASC Update 2013-04 “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force”

In February 2013, the FASB issued ASC Update 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force” (ASC Update 2013-04).  ASC Update 2013-04 provides guidance on the measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total obligation is fixed at the reporting date.  This update is effective for reporting periods beginning after December 15, 2013.  Chugach will begin application of ASC Update 2013-04 on January 1, 2014.  Adoption is not expected to have any incremental effect on results of operations, financial position, and cash flows.

ASC Update 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income”

In January 2013, the FASB issued ASC Update 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASC Update 2013-02).  ASC Update 2013-02 expands the disclosure requirements for amounts reclassified out of accumulated other comprehensive income.  This update is effective for reporting periods beginning after December 15, 2012.  Chugach began application of ASC Update 2013-02 on January 1, 2013.  Chugach does not have any items included in other comprehensive income.  Therefore, assignable margins and comprehensive income are the same amount and the adoption did not have any effect on results of operations, financial position, and cash flows.

ASC Update 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities)”

In January 2013, the FASB issued ASC Update 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (ASC Update 2013-01).  ASC Update 2013-01 clarifies the scope of Update 2011-11 to apply to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement.  This update is effective for fiscal years beginning on or after January 1, 2013 and interim periods within those annual periods.  Chugach began application of ASC Update 2013-01 on January 1, 2013.  Adoption did not have any incremental effect on results of operations, financial position, and cash flows.

ASC Update 2012-04 “Technical Amendments and Improvements”

In October 2012, the FASB issued ASC Update 2012-04, “Technical Amendments and Improvements” (ASC Update 2012-04).  ASC Update 2012-04 amends a wide range of Topics in the FASB Codification, however the main provisions were to correct source literature guidance, provide clarity by updating and correcting wording and references, relocating guidance to a more appropriate location within the Codification, and conform terminology and clarify guidance to fully reflect the fair value measurement and disclosure requirements of Topic 820.  This update is effective for the first interim or annual reporting period beginning after December 15, 2012.  Chugach will begin application of ASC Update 2012-04 on January 1, 2013.  Adoption did not have any incremental effect on results of operations, financial position, and cash flows.