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Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2015
Recent Accounting Pronouncements  
Recent Accounting Pronouncements

 

(6)Recent Accounting Pronouncements

 

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.

 

Going Concern

 

(Accounting Standards Update 2014-15, “ASU 2014-15”)

 

In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires the management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern.  ASU 2014-15 is effective for annual periods ending after December 15, 2016 (our 2017 fiscal year) and early adoption is permitted.  We do not expect this standard to have an impact on our consolidated financial position, results of operations or cash flows upon adoption.

 

Consolidation

 

(Accounting Standards Update 2015-02, “ASU 2015-02”)

 

In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities.  ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015 (our 2016 fiscal year).  Early adoption is permitted, including adoption in an interim period.  A reporting entity may apply the amendments using a modified retrospective approach or a full retrospective application.  We have not yet determined the effect, if any, of the standard on our consolidated financial position, results of operations or cash flows.

 

Debt Issuance Costs

 

(Accounting Standards Update 2015-03, “ASU 2015-03”)

 

In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in the financial statements from an asset on the balance sheet to a deduction from the related debt liability.  Amortization of the costs will continue to be reported as interest expense.  ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015 (our 2016 fiscal year).  Early adoption is permitted.  We have not yet determined the effect, if any, of the standard on our consolidated financial position.

 

Software Licenses

 

(Accounting Standards Updated 2015-05, “ASU 2015-05”)

 

In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement, which provides guidance about whether a cloud computing arrangement includes a software license.  ASU 2015-05 is effective for annual and interim periods beginning after December 15, 2015 (our 2016 fiscal year).  Early adoption is permitted.  We have not yet determined the effect, if any, of the standard on our consolidated financial position, results of operations or cash flows.