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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
 
In
June 2016,
the Financial Accounting Standards Board (“FASB”) issued ASU
2016
-
13,
Financial Instruments – Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments
(“ASU
2016
-
13”
). The amendments in ASU
2016
-
13
require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU
2016
-
13
amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The amendment is effective for public entities for annual reporting periods beginning after
December 15, 2019,
however early application is permitted for reporting periods beginning after
December 15, 2018.
The Company does
not
anticipate the adoption of ASU
2016
-
13
to have a material impact to the consolidated financial statements.
 
In
February 2016,
the FASB issued its final lease accounting standard, ASC,
Leases
(Topic
842
) (“ASU
2016
-
02”
), which requires lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The lease liability will be equal to the present value of lease payments and the right-of -use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC
840,
requiring leases to be classified as either operating or finance. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC
840
) while finance leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC
840
). The Company adopted the standard effective
January 1, 2019.
As of
March 31, 2019,
we do
not
have any long-term leases. We will evaluate the effect that ASU
2016
-
02
will have on our consolidated financial statements and related disclosures at such time a long-term lease is executed. Our only lease as of
March 31, 2019
relates to a real estate lease for the corporate office space. The adoption did
not
have material impact to the consolidated financial statements.