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New Accounting Pronouncements
9 Months Ended
Sep. 30, 2015
New Accounting Pronouncements [Abstract]  
New Accounting Pronouncements

Note 10.  New Accounting Pronouncements


ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).”  This ASU has three sections:

 

Section A – Summary and amendments that creates revenue from contracts with customers (Topic 606) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340-40);

 

Section B – Conforming amendments to other topics and subtopics in the codification and status tables;

 

Section C – Background information and basis for conclusions.

 

The accounting changes in this update have been revised to defer the effective date for public business entities for annual reporting periods beginning after December 15, 2017 and the interim periods within that year.  Early adoption is permitted as of the first interim or annual period beginning after December 15, 2016.  The Company is currently evaluating the impact of the standard.

 

ASU 2015-01, “Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 seeks to eliminate from generally accepted accounting principles (“GAAP”) the concept of extraordinary items.  Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item.  The guidance was issued as part of an initiative to reduce complexity in accounting standards.  The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015.  A reporting entity may apply the amendments prospectively.  A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements.  Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption.  The effective date is the same for both public business entities and all other entities.  The Company does not expect adoption of this guidance to have a material effect on the financial condition or results of operations of the Company.