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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In
May
2014,
the FASB issued Accounting Standards Update (“ASU”)
2014
-
09,
Revenue from Contracts with Customers
, and in
August
2015
the FASB issued ASU
2015
-
14
, Revenue from Contracts with Customers: Deferral of the Effective Date
, which defers the effective date of ASU
2014
-
09
by
one
year. ASU
2014
-
09
supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU
2014
-
09
is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU
2014
-
09
defines a
five
-step process to achieve this core principle and, in doing so, it is possible that more judgment and estimates
may
be required within the revenue recognition process than is required under present U.S. GAAP. These
may
include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. The new standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU
2014
-
09
is effective for reporting periods beginning after
December
15,
2017.
Early adoption of
one
year prior to the required effective date is permitted. ASU
2014
-
09
allows adoption using either of
two
methods: (i) retrospective to each prior reporting period presented, with the option to elect certain practical expedients; or (ii) retrospective with the cumulative effect of initially applying ASU
2014
-
09
recognized at the date of initial application and providing certain additional disclosures. The Company does not plan to early adopt and is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.
 
In
February
2016,
the FASB issued ASU
2016
-
02,
Leases
, which aims to make leasing activities more transparent and comparable and requires substantially all leases be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. This ASU is effective for all interim and annual reporting periods beginning after
December
15,
2019,
with early adoption permitted. The Company expects to adopt ASU No.
2016
-
02
for the fiscal year beginning
January
1,
2019
and is in the process of assessing the impact that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.
 
In
June
2016,
the FASB issued ASU
2016
-
13,
Financial Instruments—Credit Losses
. ASU
2016
-
13
was issued to provide more decision-useful information about the expected credit losses on financial instruments and changes the loss impairment methodology. ASU
2016
-
13
is effective for reporting periods beginning after
December
15,
2019
using a modified retrospective adoption method. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. The Company is currently assessing the impact this accounting standard will have on its financial statements and related disclosures.