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1. Organization and Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)
12 Months Ended
Dec. 31, 2019
Policies  
New Accounting Pronouncements, Policy New Accounting Pronouncements

 

Accounting Standards Updates Adopted

In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842).  The update modified the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases.  The update was effective for fiscal years beginning after December 15, 2018, with early adoption permitted.  The Company adopted the guidance effective January 1, 2019 and recognized a liability and right-of-use asset of $91,637 as of that date for the Company’s office lease.  The Company elected the transition option to apply the new guidance as of that effective date without adjusting comparative periods presented.  In the adoption of ASU No. 2016-02, the Company elected to not assess leases with terms less than twelve months in length.  See Note 8 for information about the lease.

 

Accounting Standards Updates to Become Effective in Future Periods

In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820):  Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.  The update removes, modifies and makes additions to the disclosure requirements on fair value measurements.  The update is effective for fiscal years beginning after December 15, 2019, with early adoption permitted.  The Company is currently evaluating the impact of this update on fair value measurement disclosures.