Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. Subscription required for downloading, However, it is important to distinguish between events that provide additional information with respect to conditions that existed at the balance sheet date and events that provide information with respect to conditions that did not exist at the balance sheet date. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. Sm>IR]NF7BSc99}I2obaza$0R9:HS:"c,? Contingency: An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur. If the potential recovery exceeds the loss recognized in the financial statements, or relates to a loss not yet recognized in the financial statements, such recovery should be recognized under the gain contingency model discussed in. endstream endobj 184 0 obj <>stream However, liabilities recorded for contingencies may consist of numerous claims that are established and settled in multiple periods. Excerpt from ASC 440-10-25-4 [A]ccrued net losses on firm purchase commitments for goods for inventory shall be recognized in the accounts. Accordingly, it is important for reporting entities to ensure that any liabilities that are covered by insurance are properly disclosed in accordance with, Company name must be at least two characters long. Conceptually, the discount rate applied to a liability should not change from period to period if the liability is not recorded at fair value. %PDF-1.6 % Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, The aggregate amount of business interruption insurance recoveries recognized each period and the income statement line item in which the recoveries were included. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. Our Financial reporting developments (FRD) publication on goodwill and intangible assets has been updated. endstream endobj 186 0 obj <>stream Welcome to EY.com. If there is a decline in the net realizable value or utility of inventory, ASC 330, Inventory, requires the decline to be recognized as a charge in the period in which it occurs. Refer to Appendix D of the publication for a summary of the updates. Please see. Sometimes, an insurance company may agree to pay the. Indefinite-lived intangible assets (ASC 350 -30)* Annually, and more frequently if impairment indicators exist All rights reserved. However, as discussed in. At EY, our purpose is building a better working world. Please refer to your advisors for specific advice. See. 0 Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. S-X 4-01 (a) (1) requires financial statements filed with the SEC to be presented in accordance with US GAAP, unless the SEC has indicated otherwise (e.g., foreign private issuers are permitted to use IFRS as issued by the IASB). Financial reporting developments Exit or disposal cost obligations | 2 1.1 One-time termination benefits A one-time benefit arrangement is deemed to exist at the date the plan of termination meets certain criteria and has been communicated to employees (hereinafter referred to as the communication date). Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For example, most states require an employer to provide its employees with workers' compensation coverage if they are injured on the job. 183 0 obj <>stream h0_ UFbC J1X,I!1Y5 Reporting entities should evaluate any information available prior to issuance of the financial statements to determine whether a loss contingency is probable at the balance sheet date. 1404 0 obj <> endobj EY helps clients create long-term value for all stakeholders. hJ0_ez0d4]BEdf$eHX` uD e~ioytgQUC'[7fF%#d%Pf[SU-^G/RES2{wG]~xN>xR`|U=M.$]d S The employer's decision in this respect generally does not change its legal obligation to its employees, although its decision could affect whether there is an asset to record when an employee is injured. US GAAP defines a contingency as follows: The following sections discuss the disclosure considerations for loss and gain contingencies as provided by, Loss contingencies are relatively common. TABLE OF CONTENTS TOOLS + MORE Please ensure that you select Print Background (colors and images) when printing. Affected companies will need to consider whether indicators of impairment exist for a variety of assets. These materials were downloaded from PwC's Viewpoint (viewpoint.pwc.com) under license. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. Disclosure of accounting policies shall identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. 23.2 Commitments, contingencies, and guaranteesscope and relevant guidance Viewpoint US \ EN ASC 440, Commitments, provides general guidance for commitments. A gain or loss should be recognized when a nonmonetary asset (such as property or equipment) is involuntarily converted to monetary assets (such as insurance proceeds), even though the entity reinvests or is obligated to reinvest the monetary assets to replace the nonmonetary assets. Follow along as we demonstrate how to use the site. Although, The amount of a contingent liability should be estimated and evaluated independent from any claim for recovery. Please seewww.pwc.com/structurefor further details. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Roadmap Series Contingencies, Loss Recoveries, and Guarantees Roadmap Contingencies, Loss Recoveries, and Guarantees (April 2022) View the PDF version (viewable without subscription): Subscription required for downloading, copying, or printing. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. All rights reserved. EY is a global leader in assurance, consulting, strategy and transactions, and tax services. Follow along as we demonstrate how to use the site, Company name must be at least two characters long. Specifically, reporting entities have been asked to disclose how insurance arrangements have affected conclusions concerning settlements and the likely effect that litigation and future settlements will have on the financial statements. Sharing your preferences is optional, but it will help us personalize your site experience. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. Deloitte Guidance Overall. All rights reserved. We bring together extraordinary people, like you, to build a better working world. 22.8 Considerations for private companies, 23.1 Commitments, contingencies, and guaranteesoverview. Clients who are not DART subscribers may One way to alleviate some of this tension is to aggregate losses. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. The FRD provides an overview of the principles of ASC 715, Compensation Retirement Benefits, and describes key accounting and reporting considerations. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Additionally. Both categories are covered in this chapter. Probable recoveries should be reflected separately as an asset in the balance sheet and not netted against the remediation liability, consistent with, The nature of the event that caused the business interruption losses, SEC staff comment letters have questioned the completeness of disclosures related to pending settlements regarding lawsuits that are covered by insurance. We use cookies to personalize content and to provide you with an improved user experience. Company name must be at least two characters long. Appendix F provides a summary of the . Our Financial reporting developments (FRD) publication on goodwill and intangible assets has been updated. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. EY | Assurance | Consulting | Strategy and Transactions | Tax. Figure FSP 1-1 depicts the reporting periods required by the SEC for financial statements of public companies. You can set the default content filter to expand search across territories. EY | Assurance | Consulting | Strategy and Transactions | Tax. Therefore, a reporting entity is typically required to accrue and present the gross amount of a loss even if it purchased insurance to cover the loss. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. When no amount within the range is a better estimate than any other amount, however, the minimum amount in the range should be accrued. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Are you still working? About the Financial statement presentation guide& Full guide PDF. We use cookies to personalize content and to provide you with an improved user experience. Please refer to your advisors for specific advice. See, Accrued liabilities for contingencies are generally not discounted. PwC. and loss recoveries and (2) ASC 460 on guarantees. FSP Corp should recognize any remaining recovery (i.e., any excess over $5 million) when recovery of an additional amount is probable (e.g., when the identity of the damaged equipment has been established and additional market data confirm its value). inaGZ:9(. Overview. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. A loss contingency should be accrued if it is both (1) probable and (2) reasonably estimable. Contents. In addition to cookies that are strictly necessary to operate this website, we use the following types of cookies to improve your experience and our services: Functional cookies to enhance your experience (e.g. guidance in (1) ASC 450 on loss contingencies, gain contingencies, ASC 855-10 notes that it "provides guidance on principles and requirements for subsequent events.". 1429 0 obj <>/Filter/FlateDecode/ID[<85E4F096D5BABB428511129BE0BA0CAD>]/Index[1404 40]/Info 1403 0 R/Length 119/Prev 658949/Root 1405 0 R/Size 1444/Type/XRef/W[1 3 1]>>stream Even if (1) the insurance company is not a credit risk, or (2) the state provides an insurance guarantee fund for insolvent insurance carriers, the employer should record a liability if it still has the primary obligation to pay any claims. Accordingly, an employer has an obligation to its employees. EY helps clients create long-term value for all stakeholders. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. PwC. Deloittes insights into and interpretations of the accounting Please refer to your advisors for specific advice. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Acquisitions SEC Reporting Considerations, Comparing IFRS Accounting Standards and U.S. GAAP, Consolidation Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Convertible Debt (Before Adoption of ASU 2020-06), Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees SEC Reporting Considerations, Fair Value Measurements and Disclosures (Including the Fair Value Option), Guarantees and Collateralizations SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Qualitative Goodwill Impairment Assessment A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. Comparative periods should be presented on a consistent basis with any changes disclosed as a change in accounting policy or correction of an error (see. How do you move long-term value creation from ambition to action. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Asking the better questions that unlock new answers to the working world's most complex issues. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. For inquiries and feedback please contact ourAccountingLink mailbox. hbbd```b``5/@$= ,~D2m`R,~DE"`f0&d`"\A. An entity may choose how to classify business interruption insurance recoveries in the statement of operations, as long as that classification is not contrary to existing generally accepted accounting principles (GAAP). Numerical data included in the footnotes should also follow the same ordering pattern(see, In practice, some reporting entities choose to provide a "Basis of Presentation," or similarly-titled footnote to disclose that the financial statements are presented in accordance with US GAAP. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, Financial position at the end of the period, Earnings (net income) for the period, (which may be presented as a separate statement or within a continuous statement of comprehensive income [see paragraph, Comprehensive income (total nonowner changes in equity) for the period in one statement or two separate but consecutive statements (if the reporting entity is required to report comprehensive income, see paragraph. Jay walks listeners through when commitments need to be recognized. . As discussed in, Reporting entities should also evaluate the need for accrual or disclosure of a loss contingency when broader circumstances indicate that the potential exists for claims against the company. Additional Resources. Our Financial reporting developments (FRD) publication, Postretirement benefits, provides accounting and reporting guidance for employers that sponsor defined benefit and defined contribution pension and other postretirement benefit plans and postretirement benefits provided as part of special or contractual termination arrangements. Please seewww.pwc.com/structurefor further details. QbsE`{ASa`bd` If you have any questions pertaining to any of the cookies, please contact us us_viewpoint.support@pwc.com. 38\P+=M5/D%2^&'?hNbcBFeQ^OwV}z''g7T>x2'FCGFE#N-yq'5}F[M=#`[0:p Hb& Qj %%EOF As of the end of each of the two most recent fiscal years, Statement of changes in stockholders' equity, Present in a separate statement or in the footnotes for each period a statement of comprehensive income is presented. summarizing the accounting framework in ASC 450 and ASC 460 and The Interim Reporting Topic clarifies the application of accounting principles and reporting practices to interim financial information, including interim financial statements and summarized interim financial data of publicly traded companies issued for external reporting purposes. That assumption applies throughout the guide and will not be restated in every instance. 2019 - 2023 PwC. How do you move long-term value creation from ambition to action. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. +1 212-954-1723. Reporting entities with liabilities that are eligible for discounting are not required to discount those liabilities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. Read our cookie policy located at the bottom of our site for more information. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties . hXkOH+mR.q!D*~;! For more information about our organization, please visit ey.com. We use cookies to personalize content and to provide you with an improved user experience. Don't show this message again. endstream endobj startxref Asking the better questions that unlock new answers to the working world's most complex issues. This chapter introduces the general concepts of financial statement presentation and disclosure that underlie the detailed guidance that is covered in the remaining chapters of this guide. Executive Summary. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. How do you move long-term value creation from ambition to action. 2019 - 2023 PwC. Due to the nature of the damage, FSP Corp determines that there is a total loss. However, it has stated that data presented in tabular form should read consistently from left to right in the same chronological order throughout the filing. Welcome to the Deloitte Accounting Research Tool (DART)! Another common example of a recognized commitment are the payments required under capital/finance leases (see FSP 14.3 ). EY | Assurance | Consulting | Strategy and Transactions | Tax. By providing your details and checking the box, you acknowledge you have read the, The following fields are not editable on this screen: First Name, Last Name, Company, and Country or Region. 66~q Ckg /.vv q Sharing your preferences is optional, but it will help us personalize your site experience. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. Sharing your preferences is optional, but it will help us personalize your site experience. By continuing to browse this site, you consent to the use of cookies. All rights reserved. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. be found in our Financial reporting developments (FRD) publication, Impairment or disposal of long-lived assets. Discover how EY insights and services are helping to reframe the future of your industry. . Use of this document for any commercial purposes is expressly prohibited. Please refer to your advisors for specific advice. 1.1 Overview Excerpt from Accounting Standards Codification Presentation of Financial Statements Overall Overview and Background 205-10-05-3 For inquiries and feedback please contact ourAccountingLink mailbox. Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. For more information about our organization, please visit ey.com. Switching from not discounting liabilities to discounting liabilities should be treated as a change in the method of applying an accounting principle, subject to preferability. A claim for loss recovery (e.g., an insurance claim) generally can be recognized when a loss event has occurred and recovery is considered probable. Our in-depth guide comprises a collection of questions, issues and examples that we believe are relevant for companies thinking about the ways in which climate risk can affect their financial statements. The costs of services performed by others in connection with the research and development activities of an entity, including research and development conducted by others [on] behalf of the entity, shall be included in research and development costs. EY helps clients create long-term value for all stakeholders. Our FRD publication on ASC 606, Revenue from Contracts with Customers, has been updated to enhance and clarify our interpretative guidance. Overview. You can set the default content filter to expand search across territories. future events occur or fail to occur." In the life sciences industry, contingencies often arise as a result of product liability issues; patent litigation hmo0?n:;T!+S)UCm 8 A %j$ c&%~Mh\v:S:{spEioDz 1.1 Financial statement presentation and disclosure requirements. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. Review ourcookie policyfor more information. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. At EY, our purpose is building a better working world. This Roadmap provides Qualifying Emerging Growth Companies, as defined in the Jumpstart Our Business Startups (JOBS) Act, and Smaller Reporting Companies, as defined in S-K 10(f),are permitted to omit the earliest year income statement and statements of comprehensive income, cash flows, and changes in stockholders equityin an initial public offering. Our Financial reporting developments (FRD) publication, Issuer's accounting for debt and equity financings (before the adoption of ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity), has been updated to enhance and clarify our interpretative guidance. For more information about our organization, please visit ey.com. Select a section below . 2019 - 2023 PwC. Refer to Appendix D of the publication for a summary of the updates. For inquiries and feedback please contact ourAccountingLink mailbox. Cybersecurity, strategy, risk, compliance and resilience, Value creation, preservation and recovery, Explore Transactions and corporate finance, Climate change and sustainability services, Strategy, transaction and transformation consulting, Real estate, hospitality and construction, How blockchain helped a gaming platform become a game changer, How to use IoT and data to transform the economics of a sport, M&A strategy helped a leading Nordic SaaS business grow. What you need to know Merging with a special purpose acquisition company (SPAC) offers an alternative to an IPO for private companies that want to enter the public markets. copying, or printing. February 10, 2023. It is for your own use only - do not redistribute. Chapter 23: Commitments, contingencies, and guarantees; Add to favorites. Asking the better questions that unlock new answers to the working world's most complex issues. In addition, although not required for private companies, The SEC staff has indicated no preference as to the order in which data is presented in the financial statements (e.g., whether the most current fiscal period should be displayed as the first or last column in the income statement). ASC 450 requires the disclosure of loss contingencies as discussed in FSP 23. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. Review ourcookie policyfor more information. Any restatements to correct an error in previously-issued financial statements should be evaluated in this light. We bring together extraordinary people, like you, to build a better working world. Please see www.pwc.com/structure for further details. An entity that expects to meet the PPP's eligibility and loan forgiveness criteria can account for a PPP loan as a government grant . hTOHa;kdlk$a `{J 9h;/!9Of;m9:*cO-jpu By continuing to browse this site, you consent to the use of cookies. Reporting entities are required to describe all significant accounting policies in the financial statements. All rights reserved. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Appendix A summarizes the updates.For inquiries and feedback please contact our AccountingLink mailbox. The decision of whether to discount is a matter of accounting policy that should be consistently applied and disclosed. For more information about our organization, please visit ey.com. PwC. On June 1, 20X1, FSP Corp's equipment is heavily damaged while being transported from its manufacturing facility to its retail facility. Search within this section. US pandemic response and relief funding proactively mitigating fraud, waste and abuse, The COO Imperative: How human emotions can unlock supply chain success, 2023 Global economic outlook: Transforming uncertainty into opportunity, Select your location Close country language switcher. Partner, Dept. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate. remember settings), Performance cookies to measure the website's performance and improve your experience, Marketing/Targeting cookies which are set by third parties with whom we execute marketing campaigns and allow us to provide you with content relevant to you. Fsp Corp determines that there is a total loss you can set the content... Periods required by the SEC for Financial statements should be consistently applied and disclosed, Consulting, Strategy Transactions... On June 1, 20X1, FSP Corp determines that there is a Global leader in assurance,,. An obligation to its retail facility Strategy and Transactions ey frd contingencies Tax should be estimated and independent... We use cookies to personalize content and to provide you with an user! Deliver on our promises to all of our stakeholders content and to provide its employees with workers ' coverage. Ey helps clients create long-term value for all stakeholders pay the independent any... Or taking any action that may affect your business, you should consult a qualified professional.! Ey is a total loss ( see FSP 14.3 ) or more its! =, ey frd contingencies ` R, ~DE '' ` f0 & D ` \A. Do you move long-term value creation from ambition to action determines that there is Global. Economies the world over the payments required under capital/finance leases ( see FSP 14.3 ) at bottom! Who team to deliver on our promises to all of our stakeholders nature of the updates content to. Transform, grow and operate nature of the principles of ASC 715, compensation Retirement Benefits and. You can set the default content filter to expand search across territories affected companies will need to whether. 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All stakeholders t show this message again and evaluated independent from any claim for recovery in economies the world.., contingencies, and should not be used as a substitute for consultation professional. Example of a recognized commitment are the payments required under capital/finance leases ( see 14.3. Be recognized in the Financial statement presentation guide & Full guide PDF SEC for Financial statements way alleviate. And images ) when printing refer to your advisors for specific advice if it both. General information purposes only, and guaranteesoverview being transported from its manufacturing facility to its employees with workers compensation... Losses on firm purchase commitments for goods for inventory shall be recognized statements of public companies the world over your! Statements should be Accrued if it is for general information purposes only, and guarantees ; Add to.!, Revenue from Contracts with Customers, has been updated to enhance and clarify our guidance... 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