Recently Issued and Proposed Accounting Standards

3 Months Ended

Mar. 31, 2015

Recently Issued and Proposed Accounting Standards

Recently Issued and Proposed Accounting Standards

Note 2 - Recently Issued and Proposed Accounting Standards

Revenue from contracts with customers:  In June 2014, the FASB issued new guidance governing revenue recognition. Under the new guidance, an entity is required to recognize revenue in a pattern that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for interim and annual reporting periods beginning after December 15, 2016; however, the FASB has proposed a one year delay in the effective date of this guidance. We are evaluating the impact of the adoption of this standard.

Extraordinary and unusual items:  In January 2015, the FASB issued revised guidance that eliminates from GAAP the concept of extraordinary items.  Under the revised guidance, an entity will no longer be required to separately classify, present and disclose events or transactions that are determined to be both unusual in nature and infrequent in occurrence. The revised guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The application of this standard is not expected to have a material impact on our results of operations, financial position or liquidity.

Presentation of debt issuance costs:  In April 2015, the FASB issued revised guidance addressing the presentation requirements for debt issuance costs. Under the revised guidance, all costs incurred to issue debt are to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The revised guidance is effective for interim and annual reporting periods beginning after December 15, 2015. We are evaluating the impact of the adoption of this standard.

See Note 1 under “Notes to Consolidated Financial Statements” in our Annual Report on Form 10-K for the year ended December 31, 2014 for further information regarding recently issued and proposed accounting standards.