New Accounting Pronouncements Not Yet Adopted

9 Months Ended

Sep. 30, 2014

New Accounting Pronouncements Not Yet Adopted [Abstract]

New Accounting Pronouncements Not Yet Adopted

(15) NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“Update 2014-09”), which seeks to provide clarity for recognizing revenue.  Topic 606 Revenue from Contracts with Customers will supersede the revenue recognition requirements in Topic 605 Revenue Recognition.  Update 2014-09 requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled for those goods or services.  Entities may apply the amendments in Update 2014-09 either (a) retrospectively to each prior reporting period presented, and the entity may elect a practical expedient per the Update, or (b) retrospectively with the cumulative effect of initially applying Update 2014-09 recognized at the date of initial application - if an entity elects this transition method it also should provide the additional disclosures in reporting periods.  For public entities, Update 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. We are currently evaluating the provisions of Update 2014-09 and assessing the impact, if any, it may have on the Company’s consolidated results of operations, financial position or cash flows. 

In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved After the Requisite Service Period (“Update 2014-12”), which clarifies the accounting treatment of such awards in practice. Update 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Entities may apply the amendments in Update 2014-12 either (a) prospectively to all awards granted or modified after the effective date, or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter.  Update 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, and early adoption is permitted. We are currently evaluating the provisions of Update 2014-12 and assessing the impact, if any, it may have on the Company’s consolidated results of operations, financial position or cash flows.