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Accounting Policies (Policies)
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9 Months Ended | ||||||||||||
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Sep. 30, 2014
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| Fair Value Disclosures [Abstract] | |||||||||||||
| Pending Adoption of Recent Accounting Pronouncements |
Pending Adoption of Recent Accounting Pronouncements In August 2014, the
Financial Accounting Standards Board, or FASB issued Accounting
Standards Updated, or ASU No. 2014-15, Presentation of
Financial Statements-Going Concern (Subtopic 2015-40) (“ASU
2014-15”). ASU 2014-15 provides guidance to In May 2014, the FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606): Revenue from Contracts with Customers, which guidance in this update will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance when it becomes effective. ASU No. 2014-09 affects any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The core principal of ASU No. 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. ASU No. 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, which will be our fiscal year 2017 (or December 31, 2017), and entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Early adoption is prohibited. We are currently in the process of evaluating the impact of adoption of ASU No. 2014-09 on our consolidated financial statements and related disclosures. |
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| Recently Adopted Accounting Policies |
Recently Adopted Accounting Policies In July 2013, the FASB
issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation
of an Unrecognized Tax Benefit When a Net Operating Loss
Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward
Exists (a consensus of the FASB Emerging Issues Task Force) (ASU
2013-11), which provides clarification on the financial statement
presentation of unrecognized tax benefits. ASU 2013-11 specifies
that an unrecognized tax benefit (or a portion thereof) shall be
presented in the financial statements as a reduction to a deferred
tax asset when a net operating loss carryforward, a similar tax
loss, or a tax credit carryforward exists. If such deferred tax
asset is not available at the reporting date to settle additional
income taxes resulting from the disallowance of a tax position, or
the entity does not plan to use the deferred tax asset for such
purpose given the option, the unrecognized tax benefit shall be
presented in the financial statements as a liability and shall not
be combined with deferred tax assets. The amendments in In February 2013, the FASB issued Accounting Standards Updates, or ASU, No. 2013-02, “Other Comprehensive Income.” This ASU requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under generally accepted accounting principles in the United States, or U.S. GAAP, to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The adoption of this standard did not have a significant impact on our financial position or results of operations. |
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| Fair Value Measurements and Disclosures |
ASC 820 “Fair Value Measurements and Disclosures,” specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820, these inputs are summarized in the three broad levels listed below:
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