XML 64 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2014
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

In May 2014, the FASB issued ASU No. 2014-9, “Revenue from Contracts with Customers.” The ASU will supersede most of the existing revenue recognition requirements in USGAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and may be applied retrospectively or through a cumulative effect adjustment as of the start of the first period for which the new standard applies, with early application prohibited. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures.