Recently Adopted Accounting Pronouncements |
12 Months Ended | |||
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Dec. 31, 2017 | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] |
In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business that clarifies the definition of a business and determines when an integrated set of assets and activities is not a business. This framework requires that if substantially all of the fair value of gross assets acquired or disposed of is concentrated in a single asset or group of similar identifiable assets, the assets would not represent a business. The standard is effective for interim and annual periods beginning after December 15, 2017 with early adoption permitted. The Company does not believe the adoption of the amendments in this ASU will have a material effect on our consolidated financial position and results of operations. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” relating to revenue recognition. This new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This ASU, as amended, is effective for fiscal years and interim periods within those years beginning after December 15, 2017. The Company has assessed the impact of this update and has concluded that its adoption will not have a material impact on the Company’s consolidated financial statements. The Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its consolidated financial statements. |