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 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. |
Other new pronouncements issued but not effective until after March 27, 2015 are not expected to have a material impact on our financial position, results of operations or cash flows. |