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IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
12 Months Ended
Dec. 31, 2019
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]  
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS
NOTE 20

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In February 2016, the FASB, issued new guidance on leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.  The guidance was effective January 1, 2019 and the adoption of this new standard impacted our consolidated balance sheets, but did not have a material effect on our consolidated results of operations or cash flows.  Disclosures related to Leases are included in Note 3, Leases.

In June 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments, to provide financial statement users with more information about expected credit losses on financial instruments. The guidance revises the incurred loss impairment methodology to reflect current expected credit losses and requires consideration of a broader range of information to estimate credit losses. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. For the Company, this standard is primarily applicable to accounts receivable balances.  The Company is finalizing the assessment of the financial impacts of adoption, but does not believe that adoption will have a material impact.

In December 2019, the FASB issued new guidance on income taxes, which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation and calculating income taxes in interim periods.  The guidance also reduces complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group.  This standard is effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those annual reporting periods.  Management does not expect a material impact on the Company's financial statements due to the adoption of this guidance.