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RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS
6 Months Ended
Jun. 28, 2014
RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS  
RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS.

 

NOTE 2 – RECENTLY ISSUED ACCOUNTING PRONOUCEMENTS

In May 2014, the Financial Accounting Standards Board issued guidance on recognizing revenue to depict 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.  This guidance supersedes existing U.S. GAAP and industry-specific guidance related to revenue recognition.  The Company has the option to apply the provisions of the guidance using one of the following two methods:  (1) retrospectively to each prior reporting period presented, or (2) retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial adoption.  The guidance is effective for annual and interim periods beginning after December 15, 2016.  Early adoption of the guidance is not permitted.  The Company is currently evaluating the provisions of this guidance and has not yet determined the impact, if any, that the implementation of this guidance will have on its results of operations or financial condition.