Impact of Accounting Changes

6 Months Ended

Jun. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Impact of Accounting Changes

IMPACT OF ACCOUNTING CHANGES

FASB ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

In May 2015, FASB, issued 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which addresses the diversity in practice related to how certain investments measured at net asset value with future redemption dates are categorized. The amendments remove the requirement to categorize investments for which fair values are measured using the net asset value per share practical expedient. It also limits disclosures to investments for which the entity has elected to measure the fair value using the practical expedient. The amendments are effective for annual reporting periods beginning after December 15, 2015. Early adoption is permitted. Adoption of this ASU is not expected to have a significant effect on the Corporation’s consolidated financial statements.