|TTEC HOLDINGS, INC. filed this Form 10-K on 03/06/2019|
TTEC HOLDINGS, INC. AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on the Company’s consolidated income statement and balance sheet was as follows (in thousands):
Other Recently Issued Accounting Pronouncements
In February 2016, the FASB issued ASU 2016-02, “Leases”, which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases and making targeted changes to lessor accounting. The ASU also requires new disclosures regarding the amounts, timing, and uncertainty of cash flows arising from leases. The ASU is effective for interim and annual periods beginning on or after December 15, 2018 and early adoption is permitted. The Company assigned a project manager, completed the assessment phase, has selected a software solution and other tracking methods, loaded and validated all data into the tool, and has finalized its implementation approach.
The Company has evaluated the adoption impact of the accounting guidance on its Consolidated Financial Statements. The new guidance will primarily impact the balance sheet by establishing a right to use asset and corresponding lease liability in our consolidated balance sheet for those leases that were previously classified as operating leases.
The new leasing standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company has elected the following in its transition and implementation approach: