Quarterly report pursuant to Section 13 or 15(d)

New Accounting Pronouncements

v2.4.0.8
New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
New Accounting Pronouncements

2.In May 2014, the FASB issued guidance for revenue recognition for contracts, superseding the previous revenue recognition requirements, along with most existing industry-specific guidance. The guidance requires an entity to review contracts in five steps: 1) identify the contract, 2) identify performance obligations, 3) determine the transaction price, 4) allocate the transaction price, and 5) recognize revenue. The new standard will result in enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue arising from contracts with customers. The standard is effective for our reporting year beginning January 1, 2017 and early adoption is not permitted. We are currently evaluating the impact of this new accounting pronouncement, if any, the pronouncement will have on our financial statements.