Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2015

Recent Accounting Pronouncements

Recent Accounting Pronouncements

2.  Recent Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09 — Revenue from Contracts with Customers (“ASU 2014-09”) that will supersede current revenue recognition guidance.  ASU 2014-09 is intended to provide companies with a single comprehensive model to use for all revenue arising from contracts with customers, which would include real estate sales transactions.  ASU 2014-09 is effective for the Partnership as of January 1, 2018 and must be adopted using either a full retrospective approach for all periods presented in the period of adoption (with some limited relief provided) or a modified retrospective approach.  Early adoption as of January 1, 2017 is permitted.  The Partnership is in the early stages of evaluating ASU 2014-09 and has not yet determined the impact on the Partnership’s condensed consolidated financial statements.

In August 2014, the FASB issued ASU 2014-15 —  Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), that provides guidance on management’s responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and provides related disclosure requirements. ASU 2014-15 is effective for the Partnership as of December 31, 2016 and early adoption is permitted. The Partnership evaluated ASU 2014-15 and has determined the impact is not material to the Partnership’s condensed consolidated financial statements.

In February 2015, the FASB issued ASU 2015-02 — Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”) that will modify current consolidation guidance. ASU 2015-02 makes changes to the variable interest model, including modifying the evaluation of whether limited partnerships or similar legal entities are VIEs and amending the guidance for assessing how relationships of related parties affect the consolidation analysis of VIEs. ASU 2015-02 is effective for the Partnership as of January 1, 2016 and early adoption is permitted. The Partnership evaluated ASU 2015-02 and has determined the impact is not material to the Partnership’s condensed consolidated financial statements.

In April 2015 and August 2015, the FASB issued ASU 2015-03 and ASU 2015-15 — Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03 and 2015-15”) that will modify the presentation of debt issuance costs related to debt other than lines of credit such that they are presented in the balance sheet as a direct deduction from the carrying amount of the debt liability.  ASU 2015-03 and 2015-15 is effective for the Partnership as of January 1, 2016 and early adoption is permitted. The Partnership evaluated ASU 2015-03 and 2015-15 and has determined the impact is not material to the Partnership’s condensed consolidated financial statements.