New Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

Accounting Changes And Error Corrections [Abstract]

New Accounting Pronouncements

24. New Accounting Pronouncements

Accounting Standards Adopted in 2021

In December, 2019, the FASB issued updated guidance related to the accounting for income taxes.  The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The updated guidance is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years.  The Company adopted this guidance on January 1, 2021.  The adoption of this new accounting guidance did not have a material impact on the Company’s financial condition, results of operations, or cash flows.

Recently Issued Accounting Guidance Not Yet Adopted

In November, 2021, the FASB issued updated guidance which requires business entities to make annual disclosures about certain government assistance that it receives.  If the Company was to receive any government assistance in the future, the necessary disclosures will be made.