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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | 6 Months Ended
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Jun. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | NOTE 13 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: PROPOSED ACCOUNTING STANDARDS In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606). The objective of the new revenue standard is to provide a single comprehensive revenue recognition model for all contracts with customers to improve comparability y within industries, across industries and across capital markets. The core principle of the standard is that the Company should recognize revenue to represent the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company should apply the following five steps to achieve the core principle: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations (promises) in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the Company satisfies a performance obligation. The guidance also specifies the accounting for some costs to obtain or fulfill a contract with a customer. Additionally, the Company should disclose sufficient qualitative and quantitative information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On July 9, 2015, the FASB approved a one year deferral of the effective date of the new revenue standard for all entities. This revenue standard is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is not permitted. The Company is evaluating the impact of the adoption of this new standard on the consolidated financial information. IMPACT OF NEW ACCOUNTING STANDARDS During the second quarter of 2017, the FASB issued among others, the following new accounting updates to the Codification: ASU 2017-08: In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08 “Receivables- Nonrefundable fees and Other Costs” Subtopic 310-20. The amendments in this Update affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date. This Update amends the amortization period for certain purchased callable debt securities held at a premium. The Board is shortening the amortization period for the premium to the earliest call date. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company does not believe that the adoption of this Update will have a material effect on the Company’s financial statements. ASU 2017-09: In May 2017, the FASB issued ASU 2017-09 “Compensation — Stock Compensation (Topic 718)”. The amendments in this Update affect any entity that changes the terms or conditions of a share-based payment award. The amendments in this Update are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The amendments in the Update provide guidance about when changes to stock awards require the entity to apply modification accounting. The Company does not believe that this Update will have a material effect on the Company’s financial statements. ASU 2017-10: In May 2017, the FASB issued ASU 2017-10 “Service Concession Arrangements (Topic 853)”. The amendments in this Update apply to operating entities for service concession arrangements. For most entities the amendments in this Update are effective for fiscal years beginning after December 15, 2018. The Company does not believe that this Update is applicable to its business.

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