New Accounting Standards

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

New Accounting Standards

New Accounting Standards

New Accounting Standards Not Yet Adopted

In February 2015, the Financial Accounting Standards Board (FASB) issued new guidance amending accounting for consolidations, which will be effective January 1, 2016. The guidance changes what an investor must consider in determining whether it is required to consolidate an entity in which it holds an interest. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In April 2015, the FASB issued new guidance amending accounting for customer's cloud based fees, which will be effective January 1, 2016. The guidance changes what a customer must consider in determining whether a cloud computing arrangement contains a software license. If the arrangement contains a software license, the customer would account for the fees related to the software license element in accordance with guidance related to internal use software; if the arrangement does not contain a software license, the customer would account for the arrangement as a service contract. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In September 2015, the FASB amended existing guidance related to recognition of adjustments to provisional amounts recorded during purchase accounting. Changes recognized during the measurement period will be recognized prospectively as adjustments to goodwill, with corresponding changes in income or expense, such as revised depreciation or amortization, recognized in current period earnings. This amendment is effective January 1, 2016. Since we do not currently have any open measurement periods related to any business acquisition, adoption of this standard will not have an impact on the Company's financial position, results of operations, earnings per common share, or cash flows.