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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 12 Months Ended
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Jan. 31, 2016
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 3 — RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS There are no recently issued accounting pronouncements that have not yet been adopted that we consider material to the Company’s consolidated financial statements except for the following new professional guidance. Revenue Recognition — In May 2014, the Financial Accounting Standards Board (the “FASB”) issued a final standard on revenue recognition, Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), in an effort to create a new, principles-based revenue recognition framework that may affect nearly every revenue-generating entity. In April 2015, the FASB delayed the effective date of ASU 2014-09 for public companies until December 15, 2017. The new standard will generally supersede and replace nearly all existing professional guidance included in US GAAP including industry-specific guidance. The FASB’s new revenue recognition standard, will do the following:
| 1) |  | Establish a new control-based revenue recognition model,
| 2) |  | Change the basis for deciding when revenue is recognized over time or at a point in time,
| 3) |  | Provide new and more detailed guidance on specific aspects of revenue recognition, and
| 4) |  | Expand and improve disclosures about revenue.
In general, it appears that the Company will determine contract revenues pursuant to the new standard by using an approach substantially similar to the “percentage-of-completion” method that the Company uses currently in order to determine amounts of revenues earned on its long-term construction contracts. However, pursuant to the new guidance, the ability to recognize revenues over time, and to satisfy the identified performance obligation(s) of a contract, will depend on whether the applicable contract transfers control of the good and/or service provided by the Company thereunder to the applicable project owner. The Company has not completed its assessment of the full impact of the new requirements on its consolidated financial statements including an evaluation of the alternative application approaches that are provided. Entities are permitted to apply the new revenue standard either retrospectively, subject to certain practical expedients, or through an alternative transition method that requires a company to apply the guidance only to contracts that are uncompleted on the date of initial application. Leases — In February 2016, the FASB issued ASU 2016-02, Leases, which amends the existing guidance and which will require recognition of operating leases with lease terms of more than twelve months on the balance sheet. For these leases, companies will record assets for the rights and liabilities for the obligations that are created by the leases. The pronouncement will require disclosures that provide qualitative and quantitative information for the lease assets and liabilities recorded in the financial statements. The Company has not yet evaluated the potential impact of the new guidance on our consolidated financial statements that is effective for fiscal years beginning after December 15, 2018. Business Combinations and the Allocation of Purchase Price — In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments, which will be effective for the Company’s consolidated financial statements starting February 1, 2016. It eliminates the requirement for acquiring companies to retrospectively adjust previously issued financial statements for adjustments made to provisional amounts during the measurement period following a business combination. ASU 2015-16 requires the acquirer to recognize adjustments made to such provisional amounts in the reporting period during which the adjustments are determined. Although its application would not have been material to consolidated financial statements issued by the Company in the past, application of ASU 2015-16 may affect the reporting of adjustments, if any, to the estimated amounts of assets and liabilities for APC and Roberts that are reflected in the Company’s consolidated financial statements as of January 31, 2016. Consolidation — In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends existing consolidation guidance thereby requiring entities to evaluate their consolidation analysis for subsidiaries that are not wholly owned. ASU 2015-02 includes amended guidance associated with: (1) determining the consolidation model and assessing control for limited partnerships, joint ventures and similar entities; (2) determining when fees paid to decision makers or service providers are variable interests; and (3) evaluating interests held by de facto agents or related parties of the reporting entity. This new pronouncement is effective for the Company beginning in the first fiscal quarter ending April 30, 2016. We do not expect the adoption of ASU 2015-02 to have a material impact on our consolidated financial position, results of operations, or cash flows. Deferred Income Taxes — The amendments included in A S U 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxe, eliminate the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. In accordance with the requirement for public business entities, the Company intends to adopt ASU 2015-17 for its consolidated financial statements commencing with the first fiscal quarter ending April 30, 2017. The effects of the adoption should not be material to the consolidated financial statements.

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