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Note 15 - Recent Accounting Pronouncements and Developments
 3 Months Ended
Mar. 29, 2015
Note 15 - Recent Accounting Pronouncements And Developments  
Recent Accounting Pronouncements and Developments

15.RECENT ACCOUNTING PRONOUNCEMENTS AND DEVELOPMENTS

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers.”  This ASU amends the existing accounting standards for revenue recognition and is based on the principle that revenue should be recognized to depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services.  We are required to adopt this ASU on January 1, 2017 and we are evaluating what impact this standard may have on our consolidated financial statements and disclosures.