New accounting standards

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

New accounting standards

Recently issued accounting standards

In May 2014, the FASB, in a joint effort with the International Accounting Standards Board ("IASB"), issued guidance to clarify the principles for recognizing revenue.  The new guidance is designed to enhance the comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets, and will affect any entity that enters into contracts with customers or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards.  The new guidance establishes principles for reporting information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers.  The core principle of the new guidance is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued an amendment to the new guidance that defers the effective date. The amendment provides that the new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those years; early application is permitted for annual periods beginning after December 15, 2016. The Company is currently evaluating this guidance to determine its impact on the Company’s results of operations, cash flows and financial position.

In April 2015, the FASB issued guidance for the reporting of debt issuance costs within the balance sheet. Under the new guidance, debt issuance costs are to be presented in the balance sheet as a direct deduction from the associated debt liability, consistent with the presentation of a debt discount. Currently, debt issuance costs are presented as a deferred charge (i.e., an asset) on the balance sheet. The guidance provides uniform treatment for debt issuance costs and debt discounts and eliminates inconsistencies that previously existed with other FASB guidance. The new guidance is effective for years beginning after December 15, 2015 with early adoption permitted, and is required to be applied on a retrospective basis. The Company does not believe that the adoption of this guidance will have a material impact on the Company’s financial position.

In September 2015, the FASB issued guidance that will change the requirements for reporting measurement period adjustments to provisional amounts initially recognized in connection with a business combination. Under GAAP, an acquiring entity currently is required to retrospectively adjust, in prior period financial statements, the provisional amounts to reflect new information obtained during the measurement period (a period, which may not exceed one year from the date of the business combination, during which the acquiring entity may receive information about the facts and circumstances existing as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of the acquisition date). Under the new guidance, adjustments to the provisional amounts will be reflected in the financial statements for the reporting period in which the adjustments are determined, including by recognizing in current period earnings the full effect of changes in depreciation, amortization or other income effects. The guidance requires that the acquiring entity either present separately on the face of the current period income statement or disclose in the notes to the current period financial statements, by line item, the amount of the adjustments made during the current period. The new guidance is effective for years beginning after December 15, 2015, and will be applied prospectively to adjustments to provisional amounts occurring after the effective date of the guidance. Earlier application is permitted for financial statements that have not been issued. The Company has applied the provisions of this guidance to any measurement period adjustments occurring after September 27, 2015.The adoption of this guidance did not have a material impact on the Company’s results of operations, cash flows or financial position.

In November 2015, the FASB issued guidance to simplify the reporting of deferred tax assets and liabilities within the balance sheet. Currently, an entity is required to separate deferred tax liabilities and assets into a current amount and a noncurrent amount; any valuation allowance for a particular tax jurisdiction is allocated between current and noncurrent deferred tax assets related to that tax jurisdiction on a pro rata basis. After offsetting deferred tax liabilities and assets attributable to the same tax-paying components of the entity and the same tax jurisdiction, the net current and noncurrent deferred tax assets and liabilities are separately presented on the balance sheet. Under the new guidance, deferred tax assets and liabilities, along with any related valuation allowances, will be offset to the extent permitted by the guidance and presented only as noncurrent amounts in the balance sheet (as is the case under the current guidance, the entity cannot offset deferred tax liabilities and assets attributable to different tax-paying components of the entity or to different tax jurisdictions). The guidance is effective for years beginning after December 15, 2016 with early adoption permitted, and can be applied prospectively or retrospectively; the guidance prescribes the content of accompanying disclosures depending on whether the entity chooses to adopt the guidance prospectively or retroactively. The Company adopted this standard retrospectively as of December 31, 2015.

From time to time, new accounting guidance is issued by the FASB or other standard setting bodies that is adopted by the Company as of the specified effective date. The Company has assessed recently issued guidance that is not yet effective and believes the new guidance will not have a material impact on the Company’s results of operations, cash flows or financial position.