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ACCOUNTING AND DISCLOSURE CHANGES
 3 Months Ended
Mar. 31, 2016
ACCOUNTING AND DISCLOSURE CHANGES  
ACCOUNTING AND DISCLOSURE CHANGES

 

NOTE 2ACCOUNTING AND DISCLOSURE CHANGES

 

In March 2016, the Financial Accounting Standards Board (FASB) simplified several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.  These rules are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted.  We are currently evaluating the impact of these rules on our financial statements.

 

In March 2016, the FASB issued rules intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations and whether an entity reports revenue on a gross or net basis.  These rules have the same effective date as the related revenue standard issued in 2014.  We are currently evaluating the impact of these rules on our financial statements.

 

In February 2016, the FASB issued rules requiring lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months and to include qualitative and quantitative disclosures with respect to the amount, timing, and uncertainty of cash flows arising from leases. These rules will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. We are currently evaluating the impact of these rules on our financial statements.

 

In January 2016, the FASB issued rules that modify how entities measure equity investments and present changes in the fair value of financial liabilities.  Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception.  Entities will have to record changes in instrument-specific credit risk for financial liabilities measured under the fair value option in other comprehensive income.  These new rules become effective for fiscal years beginning after December 15, 2017 with no early adoption permitted.  We are currently evaluating the impact of these rules, but we do not expect them to have a significant impact on our financial statements.