Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2015

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

In April 2015, the FASB issued ASU 2015-03 Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Cost.  This guidance intends to simplify U.S. GAAP by changing the presentation of debt issuance costs.  Under the new standard, debt issuance costs will be presented as a reduction of the carrying amount of the related liability, rather than as an asset. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015.  Early adoption is permitted for financial statements that have not been previously issued.  The Company does not expect this to impact its operating results or cash flows.  However, for financial statement periods after December 31, 2015, there will be a resulting reclassification of debt issuance costs from assets to a reduction of liabilities.

In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.  This guidance eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent.  This guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods.The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospecitvely to all periods presented.The Company does not expect this to impact its operating results or cash flows.