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Recent Accounting Pronouncements | 9 Months Ended
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Sep. 28, 2019
Recent Accounting Pronouncements |
(12) | Recent Accounting Pronouncements
Adoption of New Accounting Standards In February 2016, the FASB issued Accounting Standards Update 2016-02 – Leases (“ASU 2016-02”), amended by ASU 2018-11, Leases (Topic 842): Targeted Improvements . ASU 2016-02 requires a company to recognize a right-of-use asset and lease liability for the obligation to make lease payments measured as the present value of the lease payments for all leases with terms greater than twelve months. The ASU requires adoption using a modified retrospective transition approach with either (1) periods prior to the adoption date being recast or (2) a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. The Company adopted this standard on December 30, 2018 using the cumulative-effect adjustment approach. No cumulative-effect adjustment was recognized as the amount was not material. The Company recognized $2,783,000 as of September 28, 2019 in right-of-use assets and corresponding lease obligations as the result of the adoption of ASU 2016-02. See Note 9 for additional information regarding the impact of adopting ASU 2016-02 to Landstar’s consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update 2016-13– Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires measurement and recognition of expected versus incurred credit losses for financial assets held. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, and interim periods therein. ASU 2016-13 is not expected to have a material impact on the Company’s financial statements.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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