XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Significant Accounting Policies (Policies)
3 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Pronouncements
 
In
May 2014,
a comprehensive new revenue recognition standard was issued that will supersede nearly all existing revenue recognition guidance. The new guidance introduces a
five
-step model in which an entity should recognize 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 also requires disclosures sufficient to enable users to understand the nature, amount, timing,
 and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This guidance is effective for annual reporting periods beginning after
December 15, 2017,
including interim periods within that reporting period. Management is currently evaluating the new guidance, including possible transition alternatives, to determine the impact it will have on the Company’s consolidated financial statements.
 
In
February 2015,
a standard was issued that amends the guidance that reporting entities apply when evaluating whether certain legal entities should be consolidated. The Company adopted the standard in the current quarter. The adoption had
no
impact on the Company
’s condensed consolidated financial statements.
 
In
April 2015,
a standard was issued that amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after
December 15, 2015,
and for interim periods within those annual periods. Adoption of this standard did
not
have a material impact the Company
’s condensed consolidated financial statements.
 
 
In
July 2015,
a standard was issued that amends existing guidance to simplify the measurement of inventory by requiring certain inventory to be measured at the lower of cost or net realizable value. It is effective for fiscal years beginning after
December 15, 2016
and for interim periods therein. The Company is evaluating the impact of adoption of this standard on its consolidated financial statements.
 
In
September 2015,
a standard was issued that simplifies the accounting for measurement period adjustments associated with a business combination by eliminating the requirement to restate prior period financial statements for measurement period adjustments when measurements were incomplete as of the end of the reporting period that includes the business combination. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. It is effective for interim and annual periods beginning after
December 15, 2015.
The Company adopted this new standard beginning with the fiscal quarter ended
June 30, 2016.
Adoption of this new standard had
no
material
 impact on the Company’s condensed consolidated financial statements for the quarter. 
 
In
January 2016,
the Financial Accounting Standard Board (FASB) published Accounting Standards Update (ASU)
2016
-
01
Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities
that amends the guidance on the classification and measurement of financial instruments. ASU
2016
-
01
becomes effective for public business entities in fiscal years beginning after
December 15, 2017,
including interim periods therein. ASU
2016
-
01
removes equity securities from the scope of Accounting Standards Codification (ASC) Topic
320
and creates ASC Topic
321,
Investments – Equity Securities. Under the new guidance, all equity securities with readily determinable fair values are measured at fair value on the statement of financial position, with changes in fair value recorded through earnings. The update eliminates the option to record changes in the fair value of equity securities through other comprehensive income. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.
 
In
February 2016,
the FASB issued ASU
No.
2016
-
02,
Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than
12
months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition. Similarly, lessors will be required to classify leases as either sales-type, finance or operating, with classification affecting the pattern of income recognition. Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract. The new standard is effective for fiscal years beginning after
December 15, 2018,
including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of the adoption of the standard on its consolidated financial statements.
 
In
March 2016,
the FASB issued new accounting guidance for simplifying the treatment of employee share-based payments. The primary objective is to improve areas of Generally Accepted Accounting Principles (GAAP) for which cost and complexity can be reduced while maintaining or improving the usefulness of information provided to users of financial statements. This accounting guidance will be effective for the Company beginning with its
2018
fiscal year. The Company is currently evaluating the impact of this new guidance.