New Accounting Pronouncements

9 Months Ended

Sep. 27, 2014

Accounting Changes and Error Corrections [Abstract]

New Accounting Pronouncements

Note 17 – New Accounting Pronouncements

In May 2014, the FASB issued update 2014-09, ASC 606, Revenue from Contracts with Customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This standard is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. Management is still assessing the impact of adoption on its consolidated financial statements.