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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, as amended by ASU 2015-14
| 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, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016. | May 2014, as amended in August 2015
| We are currently evaluating the effect the standard is expected to have on our financial statements and related disclosures.
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ASU 2016-02, Leases (Topic 842)
| The objective of the standard is, among other things, to require recognition of a right-of-use asset and liability for future lease payments for contracts that meet the definition of a lease. The standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. | February 2016
| We are currently evaluating the effect the standard is expected to have on our financial statements and related disclosures.
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ASU 2016-09, Improvements to Employee Share-Based Payment Accounting | The objective of the standard is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. | March 2016 | We are currently evaluating the impact of adopting this guidance; however, the standard is not expected to have a material impact on our financial statements.
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