New Accounting Pronouncement

9 Months Ended

Sep. 30, 2014

New Accounting Pronouncement

New Accounting Pronouncement

16.  New Accounting Pronouncement

In May 2014, the Financial Accounting Standards Board, issued a new standards update “Revenue from Contracts with Customers”, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers.  The new standard is effective for the Company on January 1, 2017. Early application is not permitted.  The Company is evaluating the effect this standard will have on its consolidated financial statements and related disclosures.  The Company has not yet selected a transition method nor determined the effect of the standard on its ongoing financial reporting.