Recently Issued Accounting Standards

9 Months Ended

Sep. 30, 2016

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Note 3.Recently Issued Accounting Standards

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02 ("ASU 2016-02"), “Leases (Topic 842)”.  The amendments in ASU 2016-02 set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018 for public entities and is required to be applied using the modified retrospective transition approach. Early adoption is permitted. We do not believe that the adoption of the standard will have a material impact on our consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-09 ("ASU 2016-09"), "Compensation-Stock Compensation (Topic 718)".  The amendments in ASU 2016-09 reduce the complexity of accounting for share-based payments and might increase volatility in reported earnings.  ASU 2016-09 will be effective for interim and annual periods beginning after December 15, 2016 for public entities and is required to be adopted using the cumulative-effect and prospective approach.  Early adoption is permitted.  We are currently evaluating this guidance to determine the impact it will have on our financial statements.

In August 2016, the FASB issued ASU No. 2016-15 ("ASU 2016-15"), "Statement of Cash Flows (Topic 230)".  The amendments in ASU 2016-15 addresses eight classification issues related to the statement of cash flows.  ASU 2016-15 will be effective for interim and annual periods beginning after December 15, 2017 for public entities and is required to be adopted using a retrospective transition method to each period presented. Early adoption is permitted.  We are currently evaluating this guidance to determine the impact it will have on our financial statements.