Recent Accounting Standards Updates |
12 Months Ended |
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Dec. 31, 2021 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Recent Accounting Standards Updates | RECENT ACCOUNTING STANDARDS UPDATES Accounting Standards Updates Issued but Not Yet Adopted There were no accounting standards issued during 2021 that are expected to have a material impact on the Company's financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) which provides companies with optional expedients and exceptions to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. This update provides optional expedients for applying accounting guidance to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of the reference rate reform. The amendments in this update are effective for all entities as of March 2020 and can be adopted using a prospective approach no later than December 31, 2022. We are currently evaluating the impacts of the reference rate reform. Accounting Standards Updates Adopted In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (ASU 2019-12). The objectives of ASU 2019-12 are (i) to simplify the accounting for income taxes by removing certain exceptions, (ii) to update certain requirements to simplify the accounting for income taxes, and (iii) to make minor codification improvements for income taxes. The Company adopted the standard as of January 1, 2021 and it did not have a material impact on the Company’s financial statements.
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