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Recent Accounting Pronouncements and Adopted Accounting Standards
 3 Months Ended
Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements and Adopted Accounting Standards

2. Recent Accounting Pronouncements and Adopted Accounting Standards

 

Recent Accounting Pronouncements

 

There are no recently issued accounting pronouncements that are expected to have an impact on the Company’s financial condition, results of operations or cash flow.

 

Recently Adopted Accounting Standards

 

In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying current GAAP to contracts, hedging relationships, and other transactions affected by the transition from the use of LIBOR to an alternative reference rate. Effective in the fourth quarter of 2022, the Company adopted this standard. The adoption of this standard did not have a material impact on our consolidated financial statements.

 

There were no accounting standards that were adopted in the first three months of 2023 that had a material effect on the Company’s financial condition, results of operations or cash flow.