IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2021

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

NOTE 16 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued new guidance that provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as the market transitions from reference rates that are expected to be discontinued, such as the London Inter-bank Offered Rate, or LIBOR.  The guidance was effective upon issuance and may be applied prospectively to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued, evaluated on or before December 31, 2022, beginning during the reporting period in which the guidance has been elected.  LIBOR is expected to be phased out completely by June 30, 2023.  The guidance is optional and may be elected over time as reference rate reform activities occur.  The Company has not yet modified any agreements as a result of reference rate reform and is evaluating the impact of the new guidance on our financial position, results of operations and cash flows.