NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: New accounting pronouncements not yet effective (Policies)

12 Months Ended

Dec. 31, 2019

Policies

New accounting pronouncements not yet effective

New accounting pronouncements not yet effective:

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. The new accounting standard will be effective for the fiscal year beginning on January 1, 2020, including interim periods within that year. The Group does not expect that adoption of this standard will have a material impact on its consolidated financial statements.