NEWLY ISSUED ACCOUNTING STANDARDS

3 Months Ended

Mar. 31, 2016

NEWLY ISSUED ACCOUNTING STANDARDS:

NEWLY ISSUED ACCOUNTING STANDARDS

NOTE H:  NEWLY ISSUED ACCOUNTING STANDARDS

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03").  ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company has adopted this standard effective June 30, 2015.  The accompanying financials have been reclassified to reflect the adoption.

 In February 2016, Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases was issued.  This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures.  ASU 2016-02 is effective for reporting periods beginning after December 15, 2018.  The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.