Impact Of Recently Enacted Accounting Standards

6 Months Ended

Jun. 30, 2014

Impact Of Recently Enacted Accounting Standards [Abstract]

Impact Of Recently Enacted Accounting Standards

Note 11 – Impact of Recently Enacted Accounting Standards

In May 2014, the Financial Accounting Standards Board issued a new standard that will supersede most of the existing revenue recognition requirements in current U.S. GAAP and require entities to recognize revenue at an amount reflecting the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity's nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for reporting periods beginning after December 15, 2016, and permits the use of either the retrospective or cumulative effect transition method, with early application not permitted. For the Company, the new standard will be effective January 1, 2017, and the Company is currently evaluating the impact the pronouncement will have on its consolidated financial statements and related disclosures and has not yet selected a transition method. As the new standard will supersede all existing revenue guidance affecting the Company under U.S. GAAP, it could impact revenue and cost recognition on contracts across all its business segments, in addition to its business processes and information technology systems. As a result, the Company's evaluation of the effect of the new standard will likely extend over several future periods.

The Company has determined that no other recently issued accounting standards will have a material impact on its consolidated financial position, results of operations or cash flows, or apply to its operations.