XML 48 R31.htm IDEA: XBRL DOCUMENT v3.3.1.900
Recently Issued Accounting Pronouncements
 12 Months Ended
Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements

Note 19.    Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. The original effective date for ASU 2015-09 was for annual and interim periods within those years beginning after December 15, 2016. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606) – Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company is currently evaluating the timing of its adoption and the impact of adopting the new revenue standard on its consolidated financial statements.

 

The FASB issued Accounting Standards Update (ASU) No. 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” in May 2015. The Company has elected to early adopt ASU 2015-07. This standard eliminates the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value per share (or its equivalent) using the practical expedient in FASB ASC Topic 820, Fair Value Measurement.

 

The FASB issued Accounting Standards Update (ASU) No. 2015-17, “Balance Sheet Classification of Deferred Taxes” in November 2015. As the Company presents a classified balance sheet, under the ASU it will be required to classify all deferred taxes as non-current assets or non-current liabilities. The ASU is effective for annual periods beginning after December 15, 2016 and the Company has not chosen early adoption of ASU 2015-17. The Company has not determined the effect of the standard on its ongoing financial reporting.