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RECENT AUTHORITATIVE GUIDANCE
 6 Months Ended
Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
RECENT AUTHORITATIVE GUIDANCE

NOTE 2—RECENT AUTHORITATIVE GUIDANCE

 

Recently Issued Accounting Principles

 

Other than the pronouncement noted below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the six- and three-month periods ended June 30, 2021, that are of material significance, or have potential material significance, to the Company.

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ASC 326”), authoritative guidance amending how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance requires the application of a current expected credit loss model, which is a new impairment model based on expected losses. The new guidance is effective for interim and annual reporting periods beginning after December 15, 2022. The Company is currently evaluating the impact of the new guidance on its condensed consolidated financial statements and related disclosures.