RECENT ACCOUNTING PRONOUNCEMENTS
|6 Months Ended
Jun. 30, 2014
|Accounting Changes and Error Corrections [Abstract]
|RECENT ACCOUNTING PRONOUNCEMENTS
Adoption of New Accounting Standards
In January 2014, the FASB issued an accounting standards update that adds new disclosure requirements for investments in qualified affordable housing projects through limited liability entities. If certain conditions are met, the cost of an entity's investment in proportion to the tax credits and other tax benefits it receives may be amortized and included as a component of income tax expense. In January 2008, we adopted the fair value option for our investments in certain investment partnerships that were previously accounted for under the equity method; therefore, this accounting standards update did not have any effect on our consolidated financial position or results of operations.
Other accounting pronouncements adopted during the periods covered by the consolidated financial statements had an immaterial impact on our consolidated financial position and results of operations.
Accounting Standards Issued But Not Yet Effective
In May 2014, the FASB issued an accounting standards update that provides a single comprehensive model for entities in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The underlying principle within the update is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The update requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and related cash flows arising from contracts with customers. The update is effective for us beginning in the first quarter of 2017 and early adoption is not permitted. The Company is currently evaluating the update to determine the impact of its adoption on our consolidated financial position and results of operations.
Other accounting pronouncements issued, but not effective until after June 30, 2014, are not expected to have a significant impact on our consolidated financial position or results of operations.