Recent Accounting Pronouncement

6 Months Ended

Jun. 30, 2014

Recent Accounting Pronouncement

Recent Accounting Pronouncement

Note K — Recent Accounting Pronouncement

In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09, “Revenue from Contracts with Customers.” Under the new standard, revenue is recognized at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service. It is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods, and early adoption is not permitted. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. The Company’s management is currently evaluating the impact, if any, the adoption of this standard will have on the Company’s Consolidated Financial Statements.