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Recently Issued Accounting Standards
12 Months Ended
Dec. 31, 2017
Recently Issued Accounting Standards  
Recently Issued Accounting Standards

NOTE 3 – Recently Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

On January 1, 2018, the Company will adopt the new revenue recognition standard ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”, using the cumulative effect (modified retrospective) approach. Modified retrospective adoption requires entities to apply the standard retrospectively to the most current period presented in the financial statements, requiring the cumulative effect of the retrospective application as an adjustment to the opening balance of retained earnings at the date of initial application. No cumulative-effect adjustment in retained earnings will be recorded at adoption of ASU 2014-09 as adoption will not significantly impact the Company’s reported historical revenue. Revenue from substantially all of our contracts with customers continues to be recognized over time as services are rendered. The Company expects the impact of the adoption of the new standard to be immaterial to the Company’s consolidated financial statements and on an ongoing basis.