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their entirety in determining whether that common control group has a controlling financial interest in the VIE. We adopted
this guidance as of January 1, 2016. The adoption of this guidance impacted our footnote disclosures, but did not have a
significant impact on our financial position or results of operations.
Derivatives and Hedging - Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in
the Form of a Share Is More Akin to Debt or to Equity:
In November 2014, the FASB issued guidance to clarify how to
evaluate the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form
of a share. The guidance also clarifies that an entity should assess the substance of the relevant terms and features when
considering how to weight those terms and features. We adopted this guidance as of January 1, 2016. The adoption of
this guidance did not have a significant impact on our financial position, results of operations, or disclosures.
Presentation of Financial Statements - Going Concern - Disclosure of Uncertainties about an Entity’s Ability
to Continue as a Going Concern:
In August 2014, the FASB issued this amendment that provides U.S. GAAP guidance
on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a
going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate
whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going
concern within one year from the date the financial statements are issued. The new guidance requires a formal
assessment of going concern by management based on criteria prescribed in the new guidance. We adopted this
guidance as of December 31, 2016. The adoption of this guidance did not have a significant impact our financial position,
results of operations, or disclosures, and no substantial doubt currently exists about the Company’s ability to continue as
a going concern.
Compensation - Stock Compensation - Accounting for Share-Based Payments When the Terms of an Award
Provide That a Performance Target Could Be Achieved after the Requisite Service Period:
In June 2014, the FASB
issued this amendment that provides guidance on certain share-based payment awards that require a specific
performance target that affects vesting and that could be achieved after the requisite service period be treated as a
performance condition. A reporting entity should apply existing guidance to awards with performance conditions that affect
vesting to account for such awards. Compensation cost should be recognized in the period in which it becomes probable
that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for
which the requisite service has already been rendered. The total amount of compensation cost recognized during and
after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to
reflect those awards that ultimately vest. We adopted this guidance as of January 1, 2016. The adoption of this guidance
did not have a significant impact on our financial position, results of operations, or disclosures.
Income Statement - Extraordinary and Unusual Items - Simplifying Income Statement Presentation by
Eliminating the Concept of Extraordinary Items:
In January 2015, the FASB issued updated guidance that eliminates
from U.S. GAAP the concept of extraordinary items. Presentation and disclosure guidance for items that are unusual in
nature or occur infrequently will be retained. We adopted this guidance as of January 1, 2015. The adoption of this
guidance did not have a significant impact on our financial position, results of operations, or disclosures.
Receivables - Troubled Debt Restructurings by Creditors - Classification of Certain Government-Guaranteed
Mortgage Loans upon Foreclosure:
In August 2014, the FASB issued updated guidance for troubled debt restructurings
affecting creditors that hold government guaranteed mortgage loans. The guidance requires that a mortgage loan be
derecognized and a separate other receivable be recognized upon foreclosure if certain conditions are met. We adopted
the guidance as of January 1, 2015. The adoption of this guidance did not have a significant impact on our financial
position, results of operations, or disclosures.
Transfers and Servicing - Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures:
In
June 2014, the FASB issued updated guidance for repurchase agreement and security lending transactions to change the
accounting for repurchase-to-maturity transactions and linked repurchase financings to be accounted for as secured
borrowings, consistent with the accounting for other repurchase agreements. The amendments also require new
disclosures to increase transparency about the types of collateral pledged in repurchase agreements and similar
transactions accounted for as secured borrowings. We adopted accounting changes for the new guidance as of January
1, 2015, and adopted the required disclosures as of April 1, 2015. The adoption of this guidance did not have a significant
impact on our financial position, results of operations, or disclosures.
Receivables - Troubled Debt Restructurings by Creditors - Reclassification of Residential Real Estate
Collateralized Consumer Mortgage Loans upon Foreclosure:
In January 2014, the FASB issued updated guidance for
troubled debt restructurings clarifying when an in substance repossession or foreclosure occurs, and when a creditor is
considered to have received physical possession of residential real estate property collateralizing a consumer mortgage
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