Recent Accounting Pronouncements

12 Months Ended

Dec. 26, 2015

Recent Accounting Pronouncements

(15)    Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09 —Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. On July 9, 2015, the FASB approved deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date. The FASB also approved permitting early adoption of the standard, but not before the original effective date of December 15, 2016. ASU 2014-09 is not expected to have a material impact on the Company’s financial statements.

In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-17 — Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires a company to classify all deferred tax assets and liabilities, along with any related valuation allowance, as noncurrent on the balance sheet. ASU 2015-17 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is permitted. ASU 2015-17 is not expected to have a material impact on the Company’s financial statements.