ACCOUNTING AND DISCLOSURE CHANGES

12 Months Ended

Dec. 31, 2014

ACCOUNTING AND DISCLOSURE CHANGES

ACCOUNTING AND DISCLOSURE CHANGES

NOTE 2    ACCOUNTING AND DISCLOSURE CHANGES

Recently Adopted Accounting and Disclosure Changes

In August 2014, the Financial Accounting Standards Board (FASB) issued rules relating to management’s responsibility to evaluate and make disclosures, if applicable, regarding the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued.  These rules are effective for annual periods ending after December 15, 2016.  They are not expected to have a material impact on our financial statements upon adoption and will require assessment on an ongoing basis.

In June 2014, the FASB issued rules for employee share-based payment awards in which the terms of the awards provide that a performance target can be achieved after the requisite service period.  A performance target that affects vesting and that could be achieved after the requisite service period will be treated as a performance condition.  These rules are effective for annual periods beginning on or after December 15, 2015 and are not expected to have a material impact on our financial statements upon adoption but will require assessment on an ongoing basis.

In May 2014, the FASB issued rules related to revenue recognition. Under the new rules, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects to receive in exchange for the goods or services. The rules will also require more detailed disclosures of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The rules are effective for interim and annual periods beginning after December 15, 2016 and early application is not permitted. While we are evaluating any potential impact of these new rules, we currently believe the effect of the new rules will not have a material impact on our financial statements.

In April 2014, the FASB issued rules changing the requirements for reporting discontinued operations such that only the disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations in the financial statements. These rules are effective for the annual periods beginning on or after December 15, 2014. They are not expected to have a material impact on our financial statements upon adoption and will require assessment on an ongoing basis.