New Authoritative Accounting Guidance

12 Months Ended

Dec. 31, 2014

New Authoritative Accounting Guidance [Abstract]

New Authoritative Accounting Guidance

Note 22:  New Authoritative Accounting Guidance

In November 2014, FASB issued Accounting Standard Update No. 2014-17, Business Combinations: Pushdown accounting (“ASU 2014-17”). The ASU does not require new recurring disclosures. The guidance became effective for us on November 18, 2014, and it did not have an impact on the financial statements.

In August 2014, FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern; (“ASU 2014-15”). The ASU does not require new recurring disclosures. The guidance becomes effective for us on January 1, 2017, and it is not expected to have a material impact on the financial statements.

In August 2014, FASB issued Accounting Standard Update No. 2014-14, Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure; (“ASU 2014-14”). The ASU does not require new recurring disclosures. The guidance becomes effective for us on January 1, 2015, and it is not expected to have a material impact on the financial statements.

In August 2014, FASB issued Accounting Standard Update No. 2014-13, Consolidation: Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). The ASU does not require new recurring disclosures. The guidance becomes effective for us on January 1, 2016, and it is not expected to have a material impact on the financial statements.

In May 2014, FASB issued Accounting Standard Update No. 2014-09, Revenue from Contracts with Customer, (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition standard that will supersede existing revenue guidance under United States GAAP and International Financial Reporting Standards. The standard core principal is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The ASU does require new recurring disclosures. The guidance becomes effective for us on January 1, 2017. The impact as a result of this standard on our operations and financial statements is still being assessed.

In April 2014, FASB issued Accounting Standard Update No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment, reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 raises the threshold for disposals to qualify as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. The ASU does not require new recurring disclosures. The guidance becomes effective for us on January 1, 2015, and it is not expected to have a material impact on the financial statements.

In January 2014, FASB issued Accounting Standard Update No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure, (“ASU 2014-04”). ASU 2014-04 clarifies when an entity is considered to have obtained physical possession (from an in-substance possession or foreclosure) of a residential real estate property collateralizing a mortgage loan. Upon physical possession of such real property, an entity is required to reclassify the nonperforming mortgage loan to other real estate owned. The ASU does not require new recurring disclosures. The guidance becomes effective for us on January 1, 2015, and is not expected to have a material impact on the financial statements.

In January 2014, FASB issued Accounting Standard Update No. 2014-01,  Investments—Equity Method and Joint Ventures, (“ASU 2014-01”). ASU 2014-01permits reporting entities to make an accountingpolicy election to account for their investments in qualified affordable housingprojects using the proportional amortization method if certain conditions are met. The guidance becomes effective for us on January 1, 2015, and is not expected to have a material impact on the financial statements.

In July 2013, FASB issued Accounting Standard Update No. 2013-11, 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”).  ASU 2013-11 requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose.  The ASU does not require new recurring disclosures.  The guidance became effective for us on January 1, 2014 and did not have a material impact on the financial statements.