XML 47 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Recent Accounting Pronouncement
 9 Months Ended
Sep. 30, 2014
Recent Accounting Pronouncement  
Recent Accounting Pronouncement

(10)  Recent Accounting Pronouncement

 

In May 2014, the FASB issued an update to the authoritative guidance related to clarifying the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards. The standard is updated in order to:

 

·

remove inconsistencies and weaknesses in revenue requirements;

·

provide a more robust framework for addressing revenue issues;

·

improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets;

·

provide more useful information to users of financial statements through improved disclosure requirements; and

·

simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer.

 

The amendments in this update are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Partnership is currently evaluating the impact, if any, of this standard on the condensed consolidated financial statements.