BB&T 2011 Annual Report Download - page 101

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In April 2011, the FASB issued new guidance impacting Receivables. The new guidance amended existing guidance for
assisting a creditor in determining whether a loan modification is a troubled debt restructuring. The amendments clarify
the guidance for a creditor’s evaluation of whether it has granted a concession and whether a debtor is experiencing
financial difficulties. This guidance was effective for interim reporting periods that began after June 15, 2011, and was
applied retrospectively to the beginning of 2011. The new disclosures required by this guidance are included in Note 4 to
these consolidated financial statements.
In May 2011, the FASB issued new guidance impacting Fair Value Measurements and Disclosures. The new guidance
creates a uniform framework for applying fair value measurement principles. It eliminates differences between GAAP and
International Financial Reporting Standards issued by the International Accounting Standards Board. New disclosures
required by the guidance include: quantitative information about the significant unobservable inputs used for Level 3
measurements; a qualitative discussion about the sensitivity of recurring Level 3 measurements to changes in the
unobservable inputs disclosed, including the interrelationship between inputs; and a description of the company’s
valuation processes. This guidance is effective for interim and annual periods beginning after December 15, 2011, and all
amendments will be applied prospectively with any changes in measurements recognized in income in the period of
adoption. BB&T is currently evaluating the impact the standard will have on the consolidated financial statements.
In June 2011, the FASB issued new guidance impacting Comprehensive Income. The new guidance amends disclosure
requirements for the presentation of comprehensive income. The amended guidance eliminates the option to present
components of other comprehensive income (“OCI”) as part of the statement of changes in shareholders’ equity. All
changes in OCI will be presented either in a single continuous statement of comprehensive income or in two separate but
consecutive financial statements. The guidance does not change the items that must be reported in OCI. This guidance is
effective for fiscal years and interim reporting periods within those years beginning after December 15, 2011 with early
adoption permitted. The adoption of this guidance will not impact BB&T’s consolidated financial position, results of
operations or cash flows and will only impact the presentation of OCI in the consolidated financial statements.
In September 2011, the FASB issued new guidance impacting Intangibles. The new guidance permits 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. To the extent that an entity determines that it is not more likely than not that the fair value of a
reporting unit is less than its carrying amount, then performance of the two step impairment test is not required. This
guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after
December 15, 2011 with early adoption permitted. The adoption of this guidance is not expected to be material to
BB&T’s consolidated financial statements.
In December 2011, the FASB issued new guidance impacting the presentation of certain items on the Balance Sheet. The
new guidance requires an entity to disclose both gross and net information about both instruments and transactions that are
eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to
a master netting arrangement. This guidance is effective for annual periods beginning on or after January 1, 2013 and
interim periods within those annual periods. The adoption of this guidance will not impact BB&T’s consolidated financial
position, results of operations or cash flows, but may result in certain additional disclosures.
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