13 .	NEW ACCOUNTING PRONOUNCEMENTS

May 2014,

the FASB issued ASU

No.

2014

09,

Revenue from Contracts with Customers (Topic

606

)

. This ASU requires that an entity use the defined

five

step process to recognize revenue. The ASU also requires additional disclosures and is effective for annual periods beginning after

December 15, 2016,

including interim periods within that reporting period. While the Company continues to assess its contracts with customers, it does

not

currently expect a material impact on results of operations, cash flows or financial position. The Company expects the consolidated financial statement disclosures over revenue recognition will expand in order to comply with the ASU.

March 2017,

FASB issued ASU

No.

2017

07,

Compensation-Retirement Benefits. This ASU aims to improve the presentation of the net periodic pension cost and net periodic postretirement benefit cost by requiring the reporting of the service cost component in the same line item or items as other compensation costs arising from services rendered by employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations This ASU will be effective for public business entities for annual periods beginning after

December 15, 2017.

The Company is in the process of assessing the impact of ASU

No,

2017

on its financial statements.

May 2017,

the FASB issued ASU

No.

2017

09,

Compensation-Stock Compensation (Topic

718

) Scope of Modification Accounting. This ASU clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic

718.

The standard is effective for interim and annual reporting periods beginning after

December 15, 2017,

with early adoption permitted. The Company is in the process of assessing the impact of ASU

No,

2017

on its financial statements.