Recently Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB), issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled for the exchange for those goods and services. For public entities, this ASU is effective for annual reporting periods beginning after December 31, 2016. The ASU allows for a choice of two methods for adoption: full retrospective with practical expedients or modified retrospective. We continue to assess the impact the adoption of this guidance and the selection of the method of our retrospective adoption will have on our financial statements.

We do not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.