NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2022

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

17. NEW ACCOUNTING PRONOUNCEMENTS

Standards that are not yet adopted:
			Required
	Date of		Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements
ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01 - Reference Rate Reform (Topic 848): Scope	March 2020	Certain LIBOR rates, widely used reference rates for pricing financial products were discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.	Application of guidance is optional until the options and expedients expire on December 31, 2022.	The Company evaluated contracts whose terms previously included references to LIBOR or one of its equivalents and identified two contracts requiring modifications of the interest rate provisions included therein. The Company applied certain of the expedients included in ASC 848 allowing the Company to account for the contract modifications prospectively. There were no financial statement impacts at the time of modification.
ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	October 2021	Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.	January 1, 2023.	The Company is currently evaluating any potential future impacts on the Company's financial statements, any such changes would be prospective.
ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	November 2021	Update to increase the transparency of government assistance including annual disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements.	Annual period beginning January 1, 2022.	The Company is currently gathering the information and evaluating the future impact on the Company's financial statement annual disclosures.

No other new accounting pronouncements issued or effective have had or are expected to have a material impact on the Company’s consolidated financial statements.