RECENT ACCOUNTING PRONOUNCEMENTS | | | | | Standard | Description | Date of issuance | Effect on the financial statements or other significant matters | Standards that are not yet adopted | | | | Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers
| The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. | May 2014 | We are currently evaluating the effect the standard is expected to have on the Company's financial statements and related disclosures. | Standards that were adopted | | | | ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity
| The standard will reduce the frequency of disposals reported as discontinued operations by raising the threshold for a disposal to qualify as a discontinued operation, focusing on strategic shifts that have or will have a major effect on an entity's operations and financial results. The guidance is effective prospectively for annual periods beginning on or after December 15, 2014, with early adoption permitted, and would only apply to disposals completed subsequent to adoption. | April 2014 | The Company adopted this guidance on September 27, 2014. The adoption of the standard had no impact on the Company’s financial statements.
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Other new pronouncements issued but not effective until after December 31, 2014 are not expected to have a material impact on our financial position, results of operations or cash flows. |