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Recent Accounting Pronouncements
 6 Months Ended
Jul. 01, 2014
Recent Accounting Pronouncements  
Recent Accounting Pronouncements

(6)         Recent Accounting Pronouncements

 

Discontinued Operations

(Accounting Standards Update 2014-08, “ASU 2014-08”)

 

In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends the requirements for reporting discontinued operations and modifies related disclosure requirements.  ASU 2014-08 is effective prospectively for fiscal years beginning on or after December 15, 2014 (our 2015 fiscal year).  The adoption of this guidance is not expected to have an impact on our consolidated financial position, results of operations or cash flows.

 

Revenue Recognition

(Accounting Standards Update 2014-09, “ASU 2014-09”)

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective.  ASU 2014-09 is effective for fiscal years beginning on or after December 15, 2016 (our 2017 fiscal year).  Early adoption is not permitted.  The standard permits the use of either the retrospective or cumulative effect transition method.  We are evaluating the effect that ASU 2014-09 will have on our consolidated financial position, results of operations, cash flows and related disclosures.  We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.