Significant Accounting Policies (Policies)
|6 Months Ended|
Jun. 30, 2017
|Accounting Policies [Abstract]|
|New Accounting Pronouncements not yet Adopted, Policy [Policy Text Block]||
Recently Issued Accounting Standards –
May 2014,the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
09,"Revenue from Contracts with Customers (Topic
606)," as amended, which will supersede nearly all existing revenue recognition guidance. ASU
09provides a single, comprehensive revenue recognition model for all contracts with customers. ASU
09requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU
09also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU
09,as amended, is effective for annual reporting periods beginning after
December 15, 2017 (including interim reporting periods within those periods). Early adoption is permitted for ASU
09,as amended, to the original effective date of the period beginning after
December 15, 2016 (including interim reporting periods within those periods). ASU
maybe applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application.
The Company is currently analyzing the effect of the standard
across all of its revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. The Company plans to adopt the standard in the
2018and anticipates using the modified retrospective method
by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings.
February 2016,the FASB issued ASU
842).” Under ASU
02,an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU
02offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU
02is effective for annual reporting periods beginning after
2018,including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is still evaluating the potential impact of adopting this guidance on our financial statements.
August 2016,the FASB issued ASU
15,"Statement of Cash Flows (Topic
230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)," which aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic
230,Statement of Cash Flows, and other Topics. Subsequently, in
November 2016,the FASB issued ASU
18,"Statement of Cash Flows (Topic
230), Restricted Cash, a consensus of the FASB Emerging Issues Task Force," which clarifies the guidance on the cash flow classification and presentation of changes in restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flow. ASU
18are effective for annual reporting periods, and interim periods therein, beginning after
December 15, 2017.The Company does
notexpect the adoption of these ASUs to have a material impact on our financial statements.
October 2016,the FASB issued ASU
,“Income Taxes (Topic
740): Intra-Entity Transfers of Assets Other Than Inventory,” which eliminates the existing exception in U.S. GAAP prohibiting the recognition of the income tax consequences for intra-entity asset transfers. Under ASU
16,entities will be required to recognize the income tax consequences of intra-entity asset transfers other than inventory when the transfer occurs. ASU
16is effective on a modified retrospective basis for fiscal years, and for interim periods within those fiscal years, beginning after
December 15, 2017,with early adoption permitted. The Company does
notexpect the adoption of this ASU to have a material impact on our financial statements.
January 2017,the FASB issued ASU
01,“Business Combinations (Topic
805) – Clarifying the Definition of a Business.” ASU
01clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisition, disposals, goodwill and consolidation. This standard is effective for fiscal years beginning after
December 15, 2017,including interim periods within that reporting period. The Company does
notexpect the adoption of this ASU to have a material impact on its consolidated financial statements
January 2017,the FASB issued ASU
03,“Accounting Changes and Error Corrections (Topic
250) and Investments – Equity Method and Joint Ventures (Topic
232) – Amendments to SEC Paragraphs Pursuant to staff Announcements at the
September 22, 2016and
November 17, 2016EITF Meetings.” This amendment states that registrants should consider additional qualitative disclosures if the impact of an issued but
notyet adopted ASU is unknown or cannot be reasonably estimated and to include a description of the effect of the accounting policies that the registrant expects to apply, if determined. Transition guidance included in certain issued but
notyet adopted ASUs were also updated to reflect this update. The Company does
notexpect the adoption of the new accounting rules to have a material impact on the Company’s financial condition, results of operations and cash flows.
May 2017,the FASB issued ASU
09,“Compensation – Stock Compensation (Topic
Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic
09is effective for fiscal years beginning after
December 15, 2017and interim periods within those fiscal years, and early adoption is permitted, including in an interim period. ASU
09is to be applied on a prospective basis to an award modified on or after the adoption date. The Company does
notexpect the adoption of ASU
09to have a material impact on our financial statements.
Disclosure of accounting policy for new accounting pronouncements that has been issued, but not yet adopted.
No definition available.