In the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)  - . ASU - modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The amendments in ASU - will be effective for fiscal years beginning after and interim periods within those fiscal years, which will be fiscal for us. Early adoption is permitted for the removed disclosures and delayed adoption is permitted until fiscal for the new disclosures. We adopted ASU - early, effective the quarter ended The removed and modified disclosures were adopted on a retrospective basis and the new disclosures on a prospective basis. The adoption did have a significant effect on our financial statements.

 

In the FASB issued ASU - . ASU - addresses the effect of the change in the U.S. federal corporate tax rate on items within accumulated other comprehensive income or loss due to the enactment of the Act “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year (the “Tax Reform Act”) on The guidance will be effective for fiscal years beginning after and interim periods within those fiscal years, which will be fiscal for us. Early adoption is permitted, and we adopted ASU - in the quarter ended The adoption resulted in a reclassification from accumulated other comprehensive loss to retained earnings due to the change in the federal corporate tax rate.

 

In the FASB issued ASU - , which made targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. We adopted ASU - retrospectively in the quarter ended The adoption did have a significant impact on our financial statements.

 

In the FASB issued ASU - . The amendment changed the accounting for and financial statement presentation of equity investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee. The amendment provides clarity on the measurement methodology to be used for the required disclosure of fair value of financial instruments measured at amortized cost on the balance sheet and clarifies that an entity should evaluate the need for a valuation allowance on deferred tax assets related to available-for-sale securities in combination with the entity’s other deferred tax assets, among other changes. We adopted ASU - retrospectively in the quarter ended The adoption did have a significant impact on our financial statements.

 

In the FASB issued ASU  - which superseded the revenue recognition requirements in Accounting Standards Codification . ASU - is based on the principle that revenue is recognized to depict the transfer of 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 or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. We adopted the guidance using the modified retrospective method to contracts that were complete as of The adoption did have significant impact on our financial statements.

 

Information regarding all other applicable recently issued accounting standards, on which our position have changed since our latest annual financial statements, are contained in the financial statements included in our Annual Report on Form -K for the year ended

 

In the FASB issued ASU - . In the FASB issued ASU  - , which clarifies codification and corrects unintended application of the guidance. ASU - requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU - and ASU - are effective for financial statements issued for fiscal years beginning after and interim periods within those fiscal years, which will be fiscal for us. We do expect adoption of the new guidance to have a significant impact on our financial statements.
 

In the FASB issued ASU  - . ASU - requires recognition of lease assets and lease liabilities on the balance sheet of lessees. In the FASB issued ASU - , which provides narrow amendments to clarify how to apply certain aspects of the new lease standard. The guidance will be effective for fiscal years beginning after and interim periods within those fiscal years, which will be fiscal for us. In the FASB issued ASU  - This ASU provides companies an option to apply the transition provisions of the new lease standard at its adoption date instead of at the earliest comparative period presented in its financial statements. We expect to adopt the new lease guidance using the newly-approved transition method. We expect to recognize a liability and corresponding asset associated with in-scope operating and finance leases but are still in the process of determining those amounts and the processes required to account for leasing activity on an ongoing basis.