Recently issued accounting standards updates (Notes)

6 Months Ended

Jun. 30, 2014

New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract]

Recently issued accounting standards updates

In May 2014, the FASB and IASB issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 "Revenue From Contracts with Customers" by the FASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance.

The core principal of the new revenue model is that "an entity recognizes revenue for the transfer of promised goods and services to customers in the amount that reflects the expected consideration for those goods and services." When applying the revenue model to contracts within the scope of the ASU, an entity:


•	identifies the contract with a customer


•	identifies the performance obligations in the contract


•	determines the transaction price


•	allocates the transaction price to the performance obligations in the contract


•	recognizes revenue when (or as) the entity satisfies the performance obligations.

Compared with current GAAP, the ASU requires significantly expanded disclosures about revenue recognition.

The ASU is effective for Century for our fiscal year 2017 and thereafter. Early adoption is not permitted. We are currently evaluating the impact of adoption on our consolidated financial position, results of operations and cash flows.