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New Accounting Pronouncements
6 Months Ended
Jun. 30, 2015
New Accounting Pronouncements

15. New Accounting Pronouncements

In May, 2015, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance surrounding investments in certain entities that calculate net asset value per share. The new guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. It also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. This guidance is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years.

In May, 2015, the FASB issued new accounting guidance surrounding short-duration contracts. The new guidance requires additional disclosure surrounding the liability for unpaid claims and claim adjustment expenses. This guidance is effective for public business entities for annual periods beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016.

The Company does not expect either of these two new accounting pronouncements to have a material impact on the Company’s consolidated statements of financial position or results of operations.