EFTA01366764.pdf

Amendment #4 Page 335 of 868 Lade tif commit. New accounting standards In July 2013, the FASB sued ASU 2013.11. Income Taxes (Topic 7401 Presenzton dal Unrecogrvred Tax Bereft Man a Net Operaang Loss Caeryforvani a Sumter Tar Lass. a e Tax Credit CafryksWEITI Exists Or ASU No 2013.11 The arnerdments of MU 2013.11. which were adopted on January 1. 2014, require an erety present an unrecognized tax tonere, or a ;on on of an unrecognized tax bereft as a reduction of a deferred lax asset for a net operating loss. or Na, a similar tax loss or tax neat canyforward rather then a bad My when the uncenan tar position would reduce the NOL or other carryforward under the tax taw of the applicable tuneaction and the entity intends b use the deferred tax asset for that purpose The adoption of the gudance cad not result in any material impact to our corrected finance' statements In May 2014 the FASB issued ASV 2014.09, Revenue from Contrails Wm Customers which recluses an entity to recognize Ire amount of revenue to which 4 expects to be entitled for the transfer of promised goods or services to customers MU 2014-09 WA replace most costing revenue cocoa:It on guidance in U S GAAP when it becomes effective ASU 2014.09 is eff°One for in on January 1. 2017 Early application is not permitted A delay in the effective date is curter*/ being considered by the FASB which we expect will resui in at beaten year deferral. MU 201409 comes the use of ether a retrospective or ciffnulative effect transition method We have not determined whch transition method we wa adopt, and we are currently evalualrg the irrpeo1 that ASU 201409 will have on our combined financial statements and related disclosures upon adoption In August 2014, the FASB issued ASU 2014-15. Thriceure of Uncatantas abort an Entity's 4dtry to Continue as a Gong Ccncern which detentes tow an entity should assess is atdity to meet obbgatOns and seb cies for haw the infoirretion shatbd be disclosed in the financial statements. The standard provides accounting guidance that we be used along with existing sooting standards The raw standard apples to all entees for the fest annual period ending after December 15. 2016. and intenm periods thereafter Management has evaluated the gudance and concluded that the adoption of the guidance we not result in any material impact to our combined financial statements In January 2015, the FASB issued MU 2015-01, Ircome Statement-Extracroinaryan7 Urusuai Items (Stowe 225-20. Smprogymg Imam Statement Presort:taco by Somnatng the Concept of Extmordnary foams ASU No 2015-01 eliminates from GAM:, the concept ce extraordinary terns M entity will na longer be recruited to (1) segregate an extaoretnan/ tern from the results of ordinary operations. (2) separately present an extraordinary dem on its income statement, net of tax. after income from cont rung operations. aid (3) disclose income tams and earnings-per-share data applicable to an extraordinary item MU 2015-01 will be effective for fiscal years beginning after Decanter 15. 2015 An entity may apt* the amendments prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the gudance is applied from the bogeying of the fiscal year of adcpbon Management does not teheve that the adoption of ASU 2015- 01 will have a material effect on ow Financial Statements ki February 2015, the FASB issued ASU 2015-02, Consoldahon (Topic 810). Amen rents to the Consoklabon Analysos MU 2015.02 amended the process that a reporting entity must pedorm to determine whether it sixnJd consols:tate certain types of legal entities MU No 2015-02 a effective for annual periods ending after December 15, 2015, and for annual periods and intenm periods thereafter with early adoption permitted Management does nil believe that the adoption of ASU No 2015-02 will have a material effect en our Financial Statements. In April 2015, Ihe FASB issued ASU 20154e, insarest imputation or:neatest which requres debt issuance coats to be presented as a deed deduction from the canyng anon of the related liability The raw standard is effective for annual periods ending after December 31, 2015 Early &baton is permitted. Management does not believe that Ire adoption of the guidance we have a 'Telenet mpact on as Financial Statements F-15 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058292 CONFIDENTIAL SDNY_GM_00204476 EFTA01366764