XML 26 R23.htm IDEA: XBRL DOCUMENT v3.19.3
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Impact of Recently Issued Accounting Pronouncements
 
In
August 2017,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)
No
2017
-
12,
“Derivatives and Hedging”. This ASU aligns an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the ASU expands and refines hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This ASU also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. This ASU is the final version of proposed ASU
2016
-
310
,
“Derivatives and Hedging (Topic
815
): Targeted Improvements to Accounting for Hedging Activities”, which has been deleted. For public business entities, this ASU is effective for fiscal years beginning after
December 15, 2018,
and interim periods within those fiscal years. All transition requirements and elections were applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has
not
expired, been sold, terminated, or exercised or the entity has
not
removed the designation of the hedging relationship) on the date of adoption. The effect of adoption was reflected as of the beginning of
2019.
The adoption of this ASU did
not
have a material impact on the Company’s consolidated financial statements.
 
In
February 2016,
the FASB issued ASU
No.
2016
-
02,
“Leases,” which specifies the accounting for leases. The objective is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing and uncertainty of cash flows arising from a lease. This ASU introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance was effective for annual reporting periods beginning after
December 15, 2018
and interim periods within those fiscal years. The adoption of the guidance impacted the Company’s Consolidated Balance Sheets by the creation of right to use assets and lease liabilities. The adoption of this ASU did
not
have a material impact on the Company’s Statement of Comprehensive Income or on the Statement of Cash Flows. See Note
7.