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Recent Accounting Pronouncements (Tables)
 9 Months Ended
Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of Recent Accounting Pronouncements
Standard
Description
Date of issuance
Effect on the financial statements or other significant matters
Standards that are not yet adopted
 
 
 
ASU 2014-09, Revenue from Contracts with Customers

The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is not permitted.
May 2014
We are currently evaluating the effect the standard is expected to have on the Company’s financial statements and related disclosures.
Standards that were adopted
 
 
 
ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

The standard will reduce the frequency of disposals reported as discontinued operations by raising the threshold for a disposal to qualify as a discontinued operation, focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. The guidance is effective prospectively for annual periods beginning on or after December 15, 2014, with early adoption permitted, and would only apply to disposals completed subsequent to adoption.
April 2014
The Company adopted this guidance on September 27, 2014. The adoption of the standard had no impact on the Company’s financial statements.