New Financial Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Accounting Changes And Error Corrections [Abstract]

New Financial Accounting Pronouncements

2. New Financial Accounting Pronouncements

Accounting Standards adopted in Fiscal 2021

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for the Company beginning January 1, 2021 and did not a material impact on our financial statements.

Accounting Standards Yet to be Adopted

None.