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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 9 Months Ended
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Sep. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
PROPOSED ACCOUNTING STANDARDS AND IMPACT OF NEW ACCOUNTING STANDARDS | 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 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 third quarter of 2017, the FASB issued the following new accounting updates to the Codification: ASU 2017-11: In July 2017, the FASB issued ASU 2017-11 “Earnings Per Share” (Topic 260-9), “Distinguishing Liabilities from Equity” (Topic 480), “Derivatives and Hedging (Topic 815). The FASB undertook this project to address narrow issues identified as a result of the complexity associated with applying GAAP for certain financial instruments with characteristics of liability and equity. Part l of the update addresses the complexity of accounting for certain financial instruments with down round features. This update does not have any effect on the Company financial statements. Part ll of this Update addresses the difficulty of navigating Topic 480, distinguishing Liabilities from Equity, because of the extensive pending content in the Codification. The FASB believes this update will improve the readability of the Codification and reduce its complexity.The amendments in Part ll of the Update do not require any transition guidance because the amendments do not have an accounting effect. ASU 2017-12: In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging” (Topic 815). The amendments in this update apply to all entities that use hedge accounting in accordance with current GAAP. The FASB has issued this amendment to address stakeholder concerns by improving the financial reporting of hedging relationships to better portray the economic results of an entities risk management activities in its financial statements. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2018. As the Company´s hedging activity has been limited in recent years, the adoption of this update should not have a significant impact on the Company´s financial results.

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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. + References No definition available. + Details
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