Quarterly report pursuant to Section 13 or 15(d)

9. Recently Adopted and Issued Accounting Pronouncements

v2.4.0.8
9. Recently Adopted and Issued Accounting Pronouncements
6 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
9. Recently Adopted and Issued Accounting Pronouncements

During the six months ended June 30, 2014, there were no new accounting pronouncements adopted by the Company that had a material impact on the Company’s consolidated financial statements. In May of 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). ASU 2014-09 outlines 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. ASU 2014-09 is effective for annual and interim reporting periods beginning after December 15, 2016 and early adoption is not permitted. Companies may either use a full retrospective or modified retrospective approach to adopt this new standard. The Company is currently evaluating both adoption options and the impact that adoption of ASU 2014-09 will have on its consolidated financial statements.