| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
As described in Note 1, as of December 31, 2015, the Company accounts for the remaining equity interest in the Russian and Kazakh businesses of the CTC group under equity method. See also Notes 3 and 6.
The principal entities included in the accompanying financial statements and CTC Media, Inc.'s beneficial ownership interests in these entities as of December 31, 2013, 2014 and 2015 are presented in the table below:
2013
2014
2015**
Russian Channels
CTC Network
%
%
%
Domashny Network
%
%
%
Che Network*
%
%
%
CTC-Region
%
%
%
CTC-St. Petersburg
%
%
%
Domashny—St. Petersburg
%
%
%
Che—St. Petersburg*
%
%
%
Kazakhstan Channel
Channel 31 Group
%
%
%
*
Che TV channel is using the frequency band previously used by Peretz. In November, 2015 Peretz channel was relaunched in a new format as Che.
**
Since 2015, all Russian channels and Channel 31 are controlled by an intermediate Russian holding company, CTC Investments, 75% of which was sold by the Company to UTH in December 2015. See Note 1.
Use of Estimates
The preparation of financial statements in conformity with the accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of profits and losses during the reporting period. Significant estimates in the accompanying financial statements relate to the estimates related to determination of the financial result from the sale of a 75% interest in the Russian and Kazakh businesses of the CTC group to UTH on December 23, 2015 (see Note 1), which included the determination of carrying value of net assets as of the date of sale and determination of the fair value of the remaining 25% participation interest in these net assets which are accounted for under equity method at the date of sale and at December 31, 2015. See also Notes 3 and 6. In addition, significant estimates include the determination of the carrying value of the net assets of the Russian and Kazakh businesses in 2015, and in preparation of the financial statements for 2013 and 2014, and the related estimated fair value of the Company's reporting units and their long-lived assets in determining impairment losses; the amortization method for programming rights and valuation of programming reserves; the useful lives of tangible and intangible assets; impairment of goodwill; valuation of intangible assets and long-lived assets; and estimates of contingencies. Also, the Company used significant estimates and assumptions in determining stock-based compensation, estimates of income taxes in relation to the Company's interpretation of current tax laws, in particular, in estimation of US taxes and related foreign tax credits, and possible outcomes of current and future audits conducted by tax authorities.
The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making changes in estimates from time to time, and evaluates the estimates on an ongoing basis. Actual results may differ from those estimates under different assumptions or conditions.
Foreign Currency Translation
In 2013, 2014 and 2015, the functional currency of the Company's businesses domiciled in Russia was the Russian ruble, and the functional currency of the Channel 31 Group was the Kazakh tenge. The Company's reporting currency is the US dollar. Translation of financial statements into US dollars has been performed using the current rate method. As such, assets and liabilities related to Russian and Kazakh businesses were translated at the rates of exchange prevailing at the balance sheet dates; and results of operations were translated at monthly average rates of exchange. Stockholders' equity was translated at the applicable historical rates.
Cash and Cash Equivalents; Short-Term Investments and Other Non-current assets
The Company classifies cash on hand and deposits in banks and any other investments with an original maturity of 90 days or less as cash and cash equivalents. Deposits in banks with an original maturity ranging from 91 to 365 days are classified as short-term investments.
On March 14, 2014, the Office of Foreign Assets Control of the U.S. Department of Treasury ("OFAC") designated Bank Rossiya as a Specially Designated National and Blocked Person ("SDN") for the purposes of U.S. economic sanctions. As of that date, Bank Rossiya directly or indirectly owned more than 50% of Telcrest Investments Limited ("Telcrest") and Telcrest was accordingly also considered an SDN for the purposes of U.S. sanctions at such time. As a result, the shares of the Company's common stock, among other property, held by Telcrest that were in the possession or control of the Company or Computershare, the Company's transfer agent, were reported to OFAC as blocked property pursuant to applicable sanctions requirements. On September 25, 2015, Telcrest notified the Company that, as a result of two transactions with third parties relating to its share capital, it was no longer 50% or more owned, directly or indirectly, in the aggregate by one or more SDNs, including Bank Rossiya. Nonetheless, all property of Telcrest in the Company's possession or control (including the Company's shares and dividends payable to Telcrest) remains blocked property until such time as OFAC authorizes its unblocking or Bank Rossiya is removed from the SDN list.
On March 5, 2014, April 29, 2014, July 25, 2014, October 27, 2014 and March 4, 2015, the Company's Board declared a dividend to stockholders. The Company paid the declared dividends on March 28, 2014, June 26, 2014, September 25, 2014, December 23, 2014 and March 26, 2015. However, dividends totalling $34,605 otherwise payable to Telcrest were blocked pursuant to the U.S. sanctions described above and paid into a separate interest-bearing bank account for the benefit of Telcrest, but to which Telcrest will not have access until such time as OFAC authorizes their unblocking. These funds are classified by the Company as other non-current assets at December 31, 2014 and 2015.
Tax Provisions
Deferred income taxes result from temporary differences between the tax bases of assets and liabilities and the bases as reported in the financial statements, as well as the tax benefits of net operating loss carry forwards which are expected to be realized. The Company records valuation allowances related to the tax effects of deductible temporary differences and loss carry forwards when, in the opinion of management, it is more likely than not that the respective tax assets will not be realized. Changes in the Company's assessment of the probability of realization of deferred tax assets may affect the Company's effective income tax rate.
The Company records temporary differences related to investments in its Russian and Kazakh businesses. As of December 31, 2015 these temporary differences consist primarily of undistributed earnings that the Company does not plan to permanently reinvest in operations outside the U.S. The level of sophistication and expertise with respect to complex tax laws is continually evolving both on the part of tax professionals and the taxing authorities. The Company is a US legal entity. As a result, the Company's tax filing positions in the US are substantially impacted by the Company's interpretation of tax law and how the Company applies it in determining US taxes payable and deferred tax liabilities. While the Company believes it has made, and continues to make, reasonable judgments in determining its tax filing positions in each jurisdiction in which the Company is subject to tax, views may differ as to the determination of its tax obligations. These judgments may ultimately be subjected to examination by the tax authorities and further revisions may be required in the Company's estimates. See also Note 7, Income Taxes.
Significant policies applied to the Russian and Kazakh businesses (See Note 3)
Programming Rights —Programming rights are stated at the lower of their unamortized cost or net realizable value. The Company reported an asset and liability for the rights acquired and obligations incurred at the commencement of the licensing period when the cost of the programming was known or reasonably determinable, the program material has been accepted and the programming was available for airing.
The Company amortized programming based on expected revenue generation patterns, based on the proportion that current estimated revenues bear to the estimated remaining total lifetime revenues. If the initial airing of content allowed by a license is expected to provide more value than subsequent airings, the Company applied an accelerated method of amortization. These accelerated methods of amortization depend on the estimated number of runs the content is expected to receive, and are determined based on a study of historical results for similar programming. For content that was expected to be aired only once, the entire cost was recognized as an expense on the first run. To the extent that the revenues the Company expected to earn from broadcasting a program are lower than the book value, the program rights were written down to their net realizable value by way of recording an additional amortization charge. Such write-downs established a new cost basis for programming rights.
Revenue Recognition —Revenue is recognized when there is persuasive evidence of an arrangement, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. An allowance for doubtful accounts is maintained for estimated losses resulting from the customers' inability to make payments. The Company recognizes advertising revenues at the moment when the advertising is broadcast and net of Value Added Taxes ("VAT").
The CTC Group's own sales house serves as the exclusive advertising sales agent for substantially all national and regional advertising sales, with the exception of advertising sales to local clients of a number of the Company's owned-and-operated regional stations. The CTC Group recognizes its Russian advertising revenues, excluding regional advertising revenues from local clients, based on the gross amounts billed to the advertisers and their agencies under direct sales arrangements.
The CTC Group's cooperation model with Vi provides for the licensing of specialized advertising software by Vi to its sales house, together with the provision by Vi of related software maintenance and analytical support and consulting services. Compensation expenses payable to Vi for the use of advertising software, related maintenance and analytical support and consulting services are included in selling, general and administrative expenses in the statements of income. In 2013, 2014 and 2015, the amounts of such compensation expense included in selling, general and administrative expenses of discontinued operations were $78,321, $69,451 and $33,623 respectively. See also Note 3.
In addition, a number of the CTC Group's owned-and-operated regional stations and Channel 31 have signed agency agreements with local subsidiaries of Vi with respect to advertising sales to local clients, which is recognized net of agency commissions. Agency commissions under these agreements amounted to $7,146, $6,015 and $3,682 in 2013, 2014 and 2015, respectively.
Amortizable Long-Lived Assets —Amortizable assets are stated at cost less accumulated amortization. Definite-lived intangible assets primarily represented broadcast licenses and cable network connections that are amortized on a straight-line basis over their estimated period of future economic benefit ranging from 2018 to 2022.
The estimated useful lives of broadcasting licenses is subject to the availability of further information about the transition to digital broadcasting which could require the CTC Group to revise amortization expense on a prospective basis. Amortizable assets, including property and equipment and finite-lived intangibles, are reviewed periodically to determine whether an event or change in circumstances indicates that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, the CTC Group based its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets and any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, the CTC Group determined whether impairment has occurred through the use of an undiscounted cash flows analysis of assets at the lowest level for which identifiable cash flows exist. If the carrying value of the asset or group of assets exceeded the undiscounted cash flows, impairment is deemed to have occurred, and the CTC Group recognized an impairment loss for the difference between the carrying amount and the estimated fair value of the asset. The fair value of the asset was estimated using a discounted cash flow analysis or other valuation techniques. See also—" Goodwill Impairment Test" below.
Goodwill Impairment Test —The Company evaluated goodwill for impairment annually, in the fourth quarter, or more frequently if events or changes in circumstances indicate that such carrying value may not be recoverable. Other than the annual review, there are a number of factors that could trigger an impairment review including under-performance of operating segments or changes in projected results; changes in the manner of utilization of an asset; severe and sustained declines in the traded price of the Company's common stock that are not attributable to factors other than the underlying value of its assets; negative market conditions or economic trends; and specific events, such as new legislation, new market entrants, changes in technology or adverse legal judgments that the Company believed could have a negative impact on its business.
The Company first assessed qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If the Company after assessing the totality of events or circumstances, determined it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is not required. However, if the Company concluded otherwise, then it is required to perform the first step of the two-step impairment test. The Company determined whether an impairment of goodwill has occurred by assigning goodwill to the reporting units and comparing the carrying amount of the entire reporting unit to the estimated fair value based on discounted cash flows of the reporting unit (Step 1). If the carrying value of the reporting unit is more than the estimated fair value of the reporting unit, the Company compared the implied fair value of goodwill based on a hypothetical purchase price allocation to the carrying value of the goodwill (Step 2). If the carrying value of goodwill exceeded the implied fair value of goodwill based on Step 2, goodwill impairment is deemed to have occurred, and the Company recognized a loss for the difference between the carrying amount and the implied fair value of goodwill. See also— Fair Value Measurements below and Note 3, Discontinued operations.
Stock-Based Compensation —The Company estimates the fair value of equity awards at the date of grant using the Black-Scholes option pricing model. The Black-Scholes pricing model was originally developed for use in estimating the fair value of traded options, which have different characteristics than the Company's employee equity awards. The model is also sensitive to changes in subjective assumptions, which can materially affect the fair value estimate. These subjective assumptions include expected volatility, the expected life of the awards, future employee turnover rates, and future employee award exercise behavior. The Company determines the fair value of its common stock by using closing prices as quoted on the Nasdaq Global Select Market. Performance-based nonvested share awards require management to make assumptions regarding the likelihood of achieving the set goals.
Once the Company has estimated the fair value of the equity instruments, it recognizes this estimated cost as stock-based compensation expense over the service period. Equity-based incentive awards that meet liability accounting criteria are remeasured at each reporting date at their fair value until settlement. The fair value of such unsettled equity-based incentive awards is recognized in liabilities.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows:
Level 1—Unadjusted quoted prices that are available in active markets for the identical assets or liabilities at the measurement date.
Level 2—Other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly, including: (1) quoted prices for similar assets or liabilities in active markets; (2) quoted prices for identical or similar assets in non-active markets; (3) inputs other than quoted prices that are observable for the asset or liability; and (4) inputs that are derived principally from or corroborated by other observable market data.
Level 3—Unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions. In accordance with ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distress sale) between market participants at the measurement date under current market conditions. In determination of fair value of the Company's reporting units, the Company applied multiple valuation techniques by weighting indications of fair value resulting from the application of the going-concern-based present value technique and the market approach.
Assets Measured at Fair Value on a Nonrecurring Basis —On December 23, 2015, at the date of sale of a 75% interest in CTC Investments, the Company recorded its remaining 25% interest in CTC Investments under the equity method at its estimated fair value of $89,457 (See Note 6). In determination of the fair value of equity investment, the Company used Level 3 inputs. The Company's valuation of the equity investment incorporated its estimate of the fair value of the potential issuance of an additional interest in CTC Investments to UTV-Management or its affiliate which would result in UTV-Management (together with its affiliate) holding 80% of CTC Investments (see Note 1).
In addition, as a result of impairment reviews performed in 2013, 2014 and 2015 with respect to the assets of the Russian and Kazakh businesses, the Company recorded impairment of goodwill and broadcasting license, which was included in earnings of discontinued operations:
•
For the year ended December 31, 2015, goodwill related to Che reporting unit with a carrying amount of $3,289 was fully written down, and an umbrella analog license related to the Che reporting unit with a carrying amount of $6,440 was partially written down, resulting in an impairment loss of $2,965 (in November 2015, Peretz channel was relaunched in a new format as Che), reflecting the decrease in cash flow projections in response to a more conservative forecast for the advertising market for 2016 and thereafter, and increased uncertainty in the medium-term due to macroeconomic and political headwinds; also Cable network connections related to the CTC and Domashny reporting units with a carrying amount of $2,167 and $570, respectively, were fully written down due to must carry law which came to the effect in 2015, resulting in an impairment loss of $2,737;
•
For the year ended December 31, 2014, goodwill related to Che reporting unit with a carrying amount of $33,514 was written down to its implied fair value of $4,158, resulting in an impairment loss of $29,356, reflecting a decrease in cash flow projections in response to a more conservative forecast for the advertising market; and
•
In December 2013, goodwill related to the in-house production unit with a carrying amount of $29,869 was fully written down, resulting in an impairment loss of $29,869, reflecting downward revisions of long-term cash flow projections as a result of the restructuring of in-house production.
The table below represents fair value measurements on a nonrecurring basis at the dates when impairments were taken:
Fair Value Measurement Using
December 23, 2015
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Gains (Losses)
Umbrella analog license
$
$
—
$
—
$
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Che goodwill
$
—
$
—
$
—
$
—
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Cable network connections
$
$
—
$
—
$
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Total
$
$
—
$
—
$
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Fair Value Measurement Using
December 31, 2014
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Gains (Losses)
Goodwill
$
—
—
$
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Total
$
—
—
$
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Fair Value Measurement Using
December 31, 2013
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Total Gains (Losses)
Goodwill
$
—
$
—
$
—
$
—
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Total
$
—
—
—
$
—
$
)
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
As of December 31, 2014 and December 31, 2013, goodwill and broadcasting licenses are included in assets of discontinued operations in the Company's balance sheet. See also Note 3, Discontinued operations.
Assessing goodwill for impairment and the determination of the fair value of an equity investment is a process that requires significant judgment and involves detailed quantitative and qualitative business-specific analysis and many individual assumptions which fluctuate with the passage of time. The Company's estimate of the cash flows its operations will generate in future periods forms the basis for most of the significant assumptions inherent in the impairment reviews. The Company's expectations of these cash flows are developed during the long- and short-range business planning processes of CTC Investments, which are designed to address the uncertainties in the forecasting process by capturing a range of possible views about key trends which govern future cash flow growth.
The Company has over many years observed a strong positive correlation between the macroeconomic performance of its Russian and Kazakh markets and the size of the television advertising market and ultimately the cash flows the CTC Group generates. With this in mind, the Company has placed a high importance on developing its expectations for the future development of the macroeconomic environment in general and, in particular, the advertising market, and the CTC Group's share of it, as well as, more recently, developments in the transition to digital broadcasting. While this has involved an appreciation of historical trends, the Company has placed a higher emphasis on forecasting these market trends, which has involved a detailed review of macroeconomic data and a range of both proprietary and publicly-available estimates for future market development.
The most significant of the assumptions used in the valuation of goodwill, broadcasting licenses and equity investment in Russian and Kazakh businesses are discussed below:
•
Cost of capital: The cost of capital reflects the return a hypothetical market participant would require for a long-term investment in an asset and can be viewed as a proxy for the risk of that asset. The Company calculates the cost of capital according to the Capital Asset Pricing Model using a number of assumptions, the most significant of which is a Country Risk Premium ("CRP"). The CRP reflects the excess risk to an investor of investing in markets other than the United States and generally fluctuates with expectations of changes in a country's macroeconomic environment. If the Russian macroeconomic environment becomes less stable and the risk to investors investing in Russian markets increases, the cost of capital may increase, which in turn will decrease the fair value of the respective assets or reporting units. Additionally, changes in the financial markets, such as an increase in interest rates or an increase in the expected required return on equity by market participants within the industry, could increase the discount rate, thus decreasing the fair value of the assets. The cost of capital used by the Company in its analysis was 13% in 2013, ranged from 15.7% to 18.6% in 2014 and ranged from 17.6% to 18.2% in 2015.
•
Growth rate into perpetuity: Growth rate into perpetuity reflects the level of economic growth in each of the Company's markets from the last forecasted period into perpetuity and is the sum of an estimated real growth rate, which reflects the long-term expectations for inflation. These assumptions are inherently uncertain. The growth rate into perpetuity used by the Company in its 2013, 2014 and 2015 analysis was 3%, 4% and 4%. In its calculations, the perpetuity period starts after nine years. The Company's estimates of these rates are based on observable market data.
•
Total television advertising market in Russia and Kazakhstan: The size of the television advertising market effectively places an upper limit on the advertising revenue the CTC Group can expect to earn. The Company's estimate of the total Russian and Kazakh television advertising markets is developed from a number of external non-public sources, in combination with a process of on-going consultation with operational management. In general, expenditures by advertisers tend to reflect overall economic conditions and buying patterns. In 2015 and early 2016, Russia has experienced an economic downturn, which affected the CTC Group's expectations for the Russian advertising market for 2016 and increased uncertainty in the medium-term. Further downturns in the macroeconomic environment, particularly the overall economic recession, may adversely affect the total advertising market, and in turn, the fair value of the equity investment.
•
Market shares: This assumption is a function of the audience share that Russian and Kazakh businesses generate from their television channels, and the relative price at which the channels can sell advertising. The Company's estimates of the market shares are developed based on historical patterns, from a number of external sources, in combination with a process of on-going consultation with operational management. If audience shares or ratings of the CTC Group's channels, or shares or ratings of market participants, were to fall as a result, for example, of competitive pressures, the underperformance of key programs or a change in the method of measuring television audiences, this would likely result in a decrease in the fair value of the equity investment.
•
Forecasted operating costs and capital expenditures: The level of cash flow generated by a television channel is ultimately governed by the extent to which the channel manages the relationship between revenues and costs. The Company forecasts the level of operating costs and capital expenditures by reference to (a) the historical absolute and relative levels of costs the channels have incurred in generating revenue, (b) the operating strategy of each business, (c) specific forecasted operating costs and capital expenditures to be incurred and (d) expectations as to what these costs would be for an average market participant. The Company's estimates of forecasted operating costs are developed from a number of external sources, in combination with a process of on-going consultation with operational management of the Russian and Kazakh businesses.
•
Digitalization of broadcasting: There is currently great uncertainty regarding the effect of the implementation of digital broadcasting on business models of the group's Russian and Kazakh operations, as it is difficult to predict accurately how the digitalization of broadcasting may affect the market. During 2015, the plans around TV broadcasting in Russia, in particular digital broadcasting, continued to evolve. While the Company expects some of these developments to be beneficial to its businesses in Russia and Kazakhstan, other changes may increase the uncertainties and risks with respect to current business models. As a result, the Company is required to consider a number of factors in determining the estimated fair values of its assets which could change rapidly or unpredictably. The planned transition to digital broadcasting could impact the Company's assumptions used in its economic models and its assessment of the fair value of its equity investment. The Company's estimates of the effect on digital broadcasting implementation are developed from a number of external sources, including governmental plans, and CTC Investments' arrangements with RTRS, in combination with a process of on-going consultation with operational management. Depending on further information about the terms of the transition to digital broadcasting, terms of interaction with cable and satellite providers, and other future developments, CTC Investments may need to further revise its projected cash flows, which could adversely impact the fair value of the Company's equity investment.
New and Recently Adopted Accounting Pronouncements
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For public business entities and not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market, the ASU is effective for annual periods beginning on or after 15 December 2014 and interim periods within those years. For other entities, the ASU is effective for annual periods beginning on or after 15 December 2014 and interim periods within annual periods beginning on or after 15 December 2015. Effective January 1, 2015, the Company adopted ASU 2014-08.
Effective January 1, 2015, the Company adopted Accounting Standards Update 2014-05, Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity ("ASU 2014-05"), Accounting Standards Update 2014-07, Liquidation Basis of Accounting ("ASU 2014- 07") and Accounting Standards Update 2014-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2014-11").
In April 2015, the FASB issued Accounting Standards Update 2015-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2015-08"). ASU 2015-08 changes the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. Under the new guidance, a discontin |
