RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 26, 2015

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

NOTE 10 — 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 and is effective for annual and interim periods beginning after December 15, 2017. 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.

In July 2015, the Financial Accounting Standards Board issued guidance on subsequent measurement of inventory, which changes the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value.  The guidance is effective for annual and interim periods beginning after December 15, 2016.  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.