Canada: Closing The GAAP: New US GAAP Pronouncements (Includes Developments To September 30, 2012)

Reference

Pronouncement and Effective Date Impacting 2012 Calendar Years

ASU 2012-03

Technical amendments and corrections to SEC sections

Amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250 and corrections related to FASB Accounting Standards Update 2010-22.

ASU 2011-12 Topic 220

Deferral of effective date of certain amendments related to ASU 2011-05

Amended to defer certain requirements in ASU 2011-05 related to reclassifications out of accumulated other comprehensive income until such time as the FASB has completed redeliberation of such requirements. Reinstates the requirements for the presentation of reclassifications out of accumulated other comprehensive income that were in place before the issuance of ASU 2011-05.

Effective at same time as the amendments in ASU 2011-05: Effective for public entities for years, and interim periods within those years, beginning after December 15, 2011. Effective for nonpublic entities for years ending after December 15, 2012, and interim and annual periods thereafter.

Learning more: DL 2012-01

ASU 2011-09 Topic 715

Multiemployer plans

Amended to require additional disclosures about an employer's participation in a multiemployer pension plan.

Effective for nonpublic entities for annual periods for years ending after December 15, 2012

ASU 2011-08 Topic 350

Testing goodwill for impairment

Amended to permit an entity to first assess qualitative factors to determine whether 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 if it is necessary to perform the two-step goodwill impairment test.

Effective for annual and interim goodwill impairment tests for years beginning after December 15, 2011.

Learning more: DL 2011-28

ASU 2011-07 Topic 954

Presentation and disclosure for certain health care entities

Amended to require (i) certain health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue, and (ii) enhanced disclosures.

Effective for public entities for years and interim periods within those years beginning after December 15, 2011.

ASU 2011-05 Topic 220

Presentation of comprehensive income

Amended to require (i) that all non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements (the current option to present components of other comprehensive income ("OCI") as part of the statement of changes in stockholders' equity is eliminated), and (ii) presentation of reclassification adjustments from OCI to net income on the face of the financial statements.

Effective for public entities for years, and interim periods within those years, beginning after December 15, 2011. Effective for nonpublic entities for years ending after December 15, 2012, and interim and annual periods thereafter.

Learning more: DL 2011-24

ASU 2011-04 Topic 820

Fair value measurement and disclosure requirements

Amended to converge requirements for how to measure fair value and for disclosing information about fair value measurements in US GAAP with International Financial Reporting Standards.

Effective for public entities for interim and annual periods beginning after December 15, 2011. Effective for nonpublic entities for years beginning after December 15, 2011.

Learning more: DL 2012-05
DL 2012-02
DL 2011-31
DL 2011-23

ASU 2011-03 Topic 860

Reconsideration of effective control for repurchase agreements

Amended to remove from the assessment of effective control (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms, even in the event of default by the transferee, and (2) the collateral maintenance implementation guidance related to that criterion.

Effective for the first interim or annual period beginning on/after December 15, 2011.

ASU 2011-02 Topic 310

Troubled debt restructurings

Amended to provide guidance to a creditor in evaluating whether a creditor has granted a concession and whether a debtor is experiencing financial difficulties for purposes of determining whether a restructuring constitutes a troubled debt restructuring.

Effective for public entities for the first interim or annual period beginning on/after June 15, 2011. Effective for nonpublic entities for annual periods ending on/after December 15, 2012, including interim periods within those annual periods.

Learning more: DL 2011-18

ASU 2010-28 Topic 350

Goodwill impairment and reporting units with zero or negative carrying amounts

Amended to modify Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists.

Effective for public entities for years, and interim periods within those years, beginning after December 15, 2010. Effective for nonpublic entities for years, and interim periods within those years, beginning after December 15, 2011.

ASU 2010-26 Topic 944

Costs associated with acquiring/renewing insurance contracts

Amended to provide guidance on which costs relating to the acquisition of new or renewal insurance contracts qualify for deferral.

Effective for years and interim periods within those years beginning after December 15, 2011.

Learning more: DL 2011-01

Reference

Pronouncement and Effective Date Impacting 2013 Calendar Years

ASU 2012-02 Topic 350

Testing indefinite-lived intangible assets for impairment

Revises requirements related to how an entity tests indefinite-lived intangible assets for impairment.

Effective for annual and interim impairment tests for years beginning after September 15, 2012.

Learning more: DL 2012-08

ASU 2012-01 Topic 954

Health care entities: Continuing care retirement communities and refundable advance fees

Clarifies the reporting for refundable advance fees received by continuing care retirement communities.

Effective for public entities for years beginning after December 15, 2012. Effective for non-public entities for years beginning after December 15, 2013.

ASU 2011-11 Topic 210

Disclosures about offsetting assets and liabilities

Requires enhanced disclosures about financial instruments and derivative instruments that are either (i) offset in accordance with ASC 210-20-45 or 815-10-45, or (ii) subject to an enforceable master netting arrangement or similar agreement irrespective of whether they are offset in accordance with those sections.

Effective for years beginning on/after January 1, 2013.

ASU 2011-10 Topic 360

Derecognition of in-substance real estate – scope clarification

Clarifies whether the guidance in subtopic 360-20 applies to a parent that ceases to have a controlling financial interest in a subsidiary that is in-substance real estate as a result of default on the subsidiary's nonrecourse debt.

Effective for public entities for years, and interim periods within those years, beginning on/after June 15, 2012. Effective for nonpublic entities for years ending after December 15, 2013.

ASU 2011-07 Topic 954

Presentation and disclosure for certain health care entities

Amended to require (i) certain health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue, and (ii) enhanced disclosures.

Effective for nonpublic entities for years ending after December 15, 2012 and interim and annual periods thereafter.

Reference

Pronouncement and Effective Date Impacting 2014 Calendar Years

ASU 2012-01 Topic 954

Health care entities: Continuing care retirement communities and refundable advance fees

Clarifies the reporting for refundable advance fees received by continuing care retirement communities.

Effective for public entities for years beginning after December 15, 2012. Effective for nonpublic entities for years beginning after December 15, 2013.

ASU 2011-06 Topic 720

Fees paid to the federal government by health insurers

Addresses questions about how health insurers should recognize and classify in their income statements fees mandated by the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act.

Effective for calendar years beginning after December 31, 2013 when the fee initially becomes effective.