Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Policies)

v3.19.1
Significant Accounting Policies (Policies)
12 Months Ended
Dec. 30, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
(i)
Basis of presentation
 
The Company’s accounting principles are in accordance with accounting principles generally accepted in the United States (“US GAAP”). These consolidated financial statements are presented in United States (“U.S.”) dollars. 
Consolidation, Policy [Policy Text Block]
(ii)
Principles of consolidation      
 
The financial statements of entities which are controlled by the Company through voting equity interests, referred to as subsidiaries, are consolidated. The Company has
no
interests in Variable Interest Entities in any of the years presented as all subsidiaries are wholly-owned. Inter-company accounts and transactions are eliminated upon consolidation.
Use of Estimates, Policy [Policy Text Block]
(iii)
Use of estimates
 
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Significant estimates include, but are
not
limited to, deferred tax asset valuation allowance, impairment of long-lived assets, including intangibles, impairment of goodwill, estimation of percentage completion on satisfying performance obligations, fair of value of assets and liabilities associated with business combinations, including contingent consideration and inventory valuation. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Actual results
may
differ from those estimates.
Revenue Recognition, Policy [Policy Text Block]
(iv)
Revenue recognition
 
Revenue is derived primarily from the sale of electronics components that are built to customer specifications. Revenue from the sale of products is recognized as goods are manufactured over time. The Company has an enforceable right to payment for work completed to date and the goods do
not
have an alternative use once the manufacturing process has commenced. The Company records an unbilled contract asset for finished goods associated with non-cancellable customer orders. Similarly, the Company records an unbilled contract asset for revenue related to its work-in-process (“WIP”) when the manufacturing process has commenced and there is a non-cancellable customer purchase order. The Company uses an input method of direct manufacturing labor inputs to measure progress towards satisfying its performance obligation associated with WIP inventory.
 
The Company records an unbilled contract asset for revenue related to its WIP when the manufacturing process has commenced and there is a non-cancellable customer purchase order. The Company uses direct manufacturing labor inputs to estimate the percentage of completion in satisfying its performance obligation associated with WIP inventory. If assumptions change related to the inputs or outputs utilized to estimate the performance obligation associated with WIP inventory, this could have a material impact on the revenue and corresponding margin recognized.
 
 
In addition, the Company has contractual arrangements with the majority of its customers that provide for customers to purchase any unused inventory that the Company has purchased to fulfill that customer’s forecasted manufacturing demand. Revenue from the sale of excess inventory to the customer is recognized when title passes to the customer which occurs when the inventory is shipped to the customer. The Company also derives revenue from engineering and design services. Service revenue is recognized as services are performed.
 
Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis. 
Receivables, Policy [Policy Text Block]
(v)
Allowance for doubtful accounts
 
The allowance for doubtful accounts reflects management’s best estimate of probable losses inherent in the accounts receivable balance. Management determines the allowance based on factors such as the length of time the receivables have been outstanding, customer and industry concentrations, credit insurance coverage, the current business environment and historical experience.
Inventory, Policy [Policy Text Block]
(vi)
Inventories
 
Inventories are valued, on a
first
-in,
first
-out basis, at the lower of cost and replacement cost for raw materials and at the lower of cost and net realizable value for finished goods that are recognized at a point in time. In accordance with the adoption of ASC
606,
the Company
no
longer reports finished goods (with the exception of inventory procured for resale whereby performance obligations are recognized at a point in time) and WIP inventories, as these are included within unbilled contract assets. The Company writes down estimated obsolete or excess inventory for the difference between the cost of inventory and estimated net realizable value based upon customer forecasts, shrinkage, the aging and future demand for the inventory, past experience with specific customers, and the ability to sell inventory back to customers or return to suppliers. If these assumptions change, additional write-downs
may
be required. Parts and other inventory items relate to equipment servicing parts that are capitalized to inventory and expensed as utilized to service the equipment. Parts inventory is valued at lower of cost and net realizable value. 
 
Consignment inventory received from customers has
no
value with the exception of labor and overhead charges on work in progress and finished goods consignment inventory.
Business Combinations Policy [Policy Text Block]
(vii)
Business combinations
 
The acquisition method of accounting is used to account for business combination. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition-related transaction costs are recognized in the consolidated statements of loss and comprehensive loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are initially recognized at their fair value. Goodwill is measured as the excess of the sum of the consideration transferred and the fair value of the acquirer’s previously held equity interest in the acquire (if any) over the new of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair values of the identifiable assets, liabilities and contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed
one
year from the acquisition date) about facts and circumstances that existed at the acquisition date.
 
Other measurement period adjustments, continent considerations that is classified as a financial liability is remeasured at subsequent reporting sated, with the corresponding gain or loss recognized in the consolidated statement of loss and comprehensive loss.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
(viii)
Goodwill
 
 
Goodwill represents the excess of purchase price over the fair value of net identifiable assets acquired in a purchase business combination. Goodwill is
not
subject to amortization and is tested for impairment annually or more frequently if events or circumstances indicate that the asset might be impaired. The Company performs a qualitative assessment of its reporting units and certain select quantitative calculations against its current long-range plan to determine whether it is more likely than
not
(that is, a likelihood of more than
50
percent) that the fair value of a reporting unit is less than its carrying amount. The Company
first
assesses certain qualitative factors to determine whether the existence of events or circumstances leads to determination that it is more likely than
not
that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is
not
more likely than
not
that the fair value of a reporting unit is less than its carry amount, then performing the 
two
-step impairment test is unnecessary. When necessary, impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. The fair value of the reporting unit is estimated using a discounted cash flow approach. If the carrying amount of the reporting unit exceeds its fair value, then a
second
step is performed to measure the amount of impairment loss, if any, by comparing the fair value of each identifiable asset and liability in the reporting unit to the total fair value of the reporting unit. Any impairment loss is expensed in the consolidated statement of operations and is
not
reversed if the fair value subsequently increases.
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block]
(ix)
Intangible assets
 
Intangible Assets acquired in a business combination are recognized at fair value using generally accepted valuation methods appropriate for the type of intangible asset and reported separately from goodwill. Purchased intangible assets other than goodwill are amortized over their useful lives unless these lives are determined to be indefinite. Purchased intangible assets are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful lives of the respective assets, generally
one
to
fifteen
years. The Company periodically re-assesses the useful lives of its intangible assets when events or circumstances indicate that useful lives have significantly changed from the previous estimate. Definite-lived intangible assets consist primarily of customer relationships, backlog, trade names and non-compete agreements. They are generally valued as the present value of estimated cash flows expected to be generated from the asset using a risk-adjusted discount rate. When determining the fair value of our intangible assets, estimates and assumptions about future expected revenue and remaining useful lives are used. Intangible assets are tested for impairment on an annual basis and during interim periods if indicators of impairment exist, and written down when impaired.
 
Amortization is generally calculated on a straight-line basis over the expected useful lives as follows:
 
Customer relationships (years)
   
10
 
Backlog (years)
   
1.5
 
Trade names (years)
   
1
 
Non-compete agreements (years)
   
2
 
Property, Plant and Equipment, Policy [Policy Text Block]
(
x
)
Property, plant and equipment
 
Plant and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated on a straight-line basis over the expected useful lives (in years) as follows:
 
Buildings
   
5
     
     
20
 
Machinery and equipment
   
7
     
     
15
 
Office furniture and equipment
   
 
     
7
     
 
 
Computer hardware and software
   
 
     
3
     
 
 
 
     Land is recorded at cost and is
not
depreciated. Leasehold improvements are amortized over the shorter of the lease term and estimated useful life of the underlying asset.
Income Tax, Policy [Policy Text Block]
(
xi
)
Income taxes
 
The Company accounts for income taxes using the asset and liability method. This approach recognizes the amount of taxes payable or refundable for the current year as well as deferred tax assets and liabilities for the future tax consequence of events recognized in the financial statements and tax returns. The effect of changes in tax rates is recognized in the year in which the rate change occurs.
 
In establishing the appropriate valuation allowances for deferred tax assets, the Company assesses its ability to realize its deferred tax assets based on available evidence, both positive and negative, to determine whether it is more likely than
not
that the deferred tax assets or a portion thereof will be realized.
 
The Company follows the guidance under Income Taxes ASC
740
with respect to accounting for uncertainty in income taxes recognized in the Company’s financial statements. This guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.
 
This guidance requires the Company to determine if it is more likely than
not
that the tax position will be sustained based on the technical merits of the position and for those tax positions that meet the more likely than
not
threshold, the Company would recognize the largest amount of tax benefit or obligation that is greater than
fifty
percent likely of being realized when ultimately settled with the tax authorities.
Earnings Per Share, Policy [Policy Text Block]
(
xi
i
)
Earnings per common share
 
Basic earnings per share is calculated using the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated using the weighted average number of common shares plus the dilutive potential common shares outstanding during the year. Anti-dilutive potential common shares are excluded. The treasury stock method is used to compute the potential dilutive effect of stock options and outstanding restricted stock units.
Foreign Currency Transactions and Translations Policy [Policy Text Block]
(
xiii
)
Translation of foreign currencies
 
The functional currency of the parent company and all foreign operations is the U.S. dollar. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the year-end rates of exchange. Non-monetary assets and liabilities denominated in foreign currencies are translated at historical rates and revenue and expenses are translated at average exchange rates prevailing during the month of the transaction. Exchange gains or losses are reflected in the consolidated statements of operations and comprehensive loss.
Fair Value of Financial Instruments, Policy [Policy Text Block]
(
xiv
)
Financial instruments
 
The Company accounts for derivative financial instruments (forward foreign exchange contracts) in accordance with applicable guidance. In accordance with these standards, all derivative instruments are recorded on the balance sheet at their respective fair values. Changes in fair value of derivatives that are
not
designated as hedges are recorded in the consolidated statement of operations and comprehensive loss as a component of cost of sales.
 
The carrying amounts of cash, accounts receivable, accounts payable and accrued liabilities approximate fair values due to the short-term nature of these instruments. The fair values of the revolving credit facility and capital lease obligations approximate the carrying values as the obligations bear rates currently available for debt with similar terms, maturities and credit rating.
 
The Company accounts for outstanding warrants based on the fair value of the underlying obligation. The Company has outstanding warrants with cashless exercise prices, and therefore the underlying warrants are valued at the Company’s stock price. The fair value of the warrant obligation is presented as a warrant liability on the consolidated balance sheet with changes to the fair value recorded each reporting period as either a gain or a loss in the consolidated statement of operations and comprehensive loss in selling, general and administrative expenses.
Shipping and Handling, Policy [Policy Text Block]
(
xv
)
Shipping and handling costs
 
Shipping and handling costs are included as a component of cost of sales.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
(
xvi
)
Stock-based compensation
 
The Company applies ASC
718,
“Compensation – Stock Compensation”, (“ASC
718”
) using a fair value based method for all outstanding awards. The fair value at grant date of stock options is estimated using the Black-Scholes option-pricing model, while the fair value of restricted stock units (“RSU’s) is based on the closing stock price at the date of grant. The fair value of stock options and RSU’s with a market-based performance condition is estimated using the Cox, Ross and Rubenstein binomial model (“Binomial Model”). Compensation expense is recognized over the stock option and RSU vesting period on a straight line basis. ASC
718
also requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Fair Value Measurement, Policy [Policy Text Block]
(
xv
i
i
)
Fair
v
alue
m
easurements
 
In accordance with ASC
820,
“Fair Value Measurements and Disclosures”, (“ASC
820”
), the Company determines fair value as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. ASC
820
establishes a hierarchical structure to prioritize the inputs to valuation techniques used to measure fair value into
three
tiers:
 
Level
1
- Quoted prices in active markets for identical assets or liabilities
Level
2
- Observable inputs other than quoted prices in active markets for identical assets and liabilities
Level
3
-
No
observable pricing inputs in the market (e.g., discounted cash flows)
 
Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The assessment of the significance of a particular input to the fair value measurements requires judgment, and
may
affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
(
xvi
i
i
)
Impairment of
long-lived assets, including intangible assets
 
 
The Company tests long-lived assets or asset groups held and used for recoverability when events or changes in circumstances indicate that their carrying amount
may
not
be recoverable. Circumstances which could trigger a review include, but are
not
limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; the accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and a current expectation that the asset will more likely than
not
be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset. If the carrying value of the asset is
not
recoverable, the impairment loss is measured as the amount by which the carrying amount exceeds fair value. For assets classified as held for sale, an impairment loss is recognized when the carrying amount exceeds the fair value less costs to sell.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]
(
xix
)
Restructuring
c
harges
  
Costs associated with restructuring activities are accounted for in accordance with ASC Topic
420,
“Exit or Disposal Cost Obligations” (ASC
420
), or ASC Topic
712,
“Compensation – Nonretirement Postemployment Benefits” (ASC
712
), as applicable. Under ASC
712,
liabilities for contractual employee severance are recorded when payment of severance is considered probable and the amount can be estimated. Liabilities for restructuring costs other than employee severance are accounted for in accordance with ASC
420,
only when they are incurred.
Pension and Other Postretirement Plans, Policy [Policy Text Block]
(
xx
)
Post-employment benefits
 
The Company sponsors defined contribution pension plans and other post-employment benefit plans for certain employees. Contributions to the defined contribution pension plans are recognized as an expense as services are rendered by employees. The costs of the other post-employment benefit plans are actuarially determined. The liability recognized in the balance sheet in respect of the post-employment benefit plans for certain employees is the present value of the defined other post-employment benefit obligation at the end of the reporting period as determined by the Company’s actuary.
New Accounting Pronouncements, Policy [Policy Text Block]
(
xxi
Recently adopted
a
ccounting
p
ronouncements
  
In
January 2017,
the FASB published ASU
2017
-
01:
Business Combinations (Topic
805
). The amendment clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU are effective for public business entities for fiscal years beginning after
December 15, 2017,
including interim periods within those fiscal years. The amendments in this ASU were utilized when assessing the acquisition of MC Assembly in
2018,
which met the definition of acquiring a business. The impact of adoption of the standard had
no
material impact on the consolidated financial statements.
 
In
May 2017,
the FASB published ASU
2017
-
09:
Compensation – Stock Compensation (Topic
718
). The amendment clarifies and amends accounting treatment for share-based payments which are modified or changed. The amendment clarified when changes substantiated a modification resulting in the application of modification accounting. The amendments in this ASU are effective for public business entities for fiscal years beginning after
December 15, 2017,
including interim periods within those fiscal years. The impact of adoption of the standard had
no
material impact on the consolidated financial statements.
 
 
 In
March 2016,
the FASB published ASU
2016
-
08:
Revenue from Contracts with Customers (Topic
606
). The amendment clarifies the implementation guidance on principal versus agent considerations. In
April 2016,
the FASB published ASU
2016
-
10:
Revenue from Contracts with Customers (Topic
606
), which clarified application of the standard in identifying performance obligations and licensing arrangements. In
May 2016,
the FASB published ASU
2016
-
12:
Revenue from Contracts with Customers (Topic
606
), which included narrow-scope improvements and practical expedients. Specifically the update addresses application of collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. In
May 2014,
the FASB published ASU
2014
-
09:
Revenue from Contracts with Customers (Topic
606
), which supersedes (i) revenue recognition requirements in Topic
605
and most related industry-specific guidance, and (ii) cost guidance included in Subtopic
605
-
35,
Revenue Recognition—Construction-Type and Production-Type Contracts, and amends existing requirements for recognition of a gain/loss on the transfer of nonfinancial assets that are
not
in a contract with a customer (for example, assets within the scope of Topic
360,
Property, Plant, and Equipment, and intangible assets within the scope of Topic
350,
Intangibles—Goodwill and Other) to be consistent with the new requirements. In
August 2015,
the FASB published ASU
2015
-
14
Topic
606
which effectively postponed the effective adoption requirement by
one
year such that the standard is effective for years beginning after
December 15, 2017
including interim periods with those years. The impact of the adoption of the standard is outlined above more detail in note
3
to these consolidated financial statements.
  
In
January 2016,
the FASB published ASU
2016
-
01:
Financial Instruments - Overall (Topic
825
-
10
). The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial assets and liabilities. The amendments in this ASU are effective for public business entities for fiscal years beginning after
December 15, 2017,
including interim periods within those fiscal years. The impact of adoption of the standard had
no
material impact on the consolidated financial statements.
 
In
August 2016,
the FASB published ASU
2016
-
15
Statement of Cash Flows (Topic
230
): Classification of Certain Cash Receipts and Cash Payments. This Accounting Standards Update addresses the following
eight
specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of
zero
-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendment is effective for years beginning after
December 15, 2017
including interim periods within those years. The impact of the adoption of this standard had
no
impact on the consolidated statements of cash flows.
 
In
November 2016,
the FASB published ASU
2016
-
18
Statement of Cash Flows (Topic
230
): Restricted Cash. This update addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendment is effective for years beginning after
December 15, 2017
including interim periods with those years. The impact of adoption of the standard results in a modification to the current presentation of the statement of cash flows such that restricted cash is
not
presented as an investing activity, but is presented as part of the net change in cash from beginning to the ending balance. The impact of the adoption of this standard results in the presentation of restricted cash as a change in cash from beginning to the ending balance and is
no
longer presented as an investing activity.
 
Recent
a
ccounting
p
ronouncements
n
ot
y
et
a
dopted
  
In
February 2016,
the FASB published ASU
2016
-
02:
Leases (Topic
842
). The amendment requires that all lessees should recognize the assets and liabilities that arise from leases. Elections
may
be available for those leases with terms of
12
months or less. The amendment still retains the distinction between finance leases and operating leases. In
July 2018,
the FASB published ASU
2018
-
10
(Topic
842
). The update provides codification improvements to the application of the standard. In
July 2018,
the FASB published ASU
2018
-
11
(Topic
842
). The update provides clarification on comparative reporting at time of adoption, specifically this amendment allows an entity initially applying the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings. Accordingly, comparative periods will continue to be presented in accordance with current GAAP. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after
December 15, 2018,
and interim periods within those fiscal years. The impact of the adoption of the standard is expected to result in the recognition of all leases with the corresponding assets and liabilities recorded in the consolidated financial statements. Management has identified the leases that are expected to qualify under the standard. Management expects property, plant and equipment will increase with a right of use asset with a corresponding lease obligation. The Company will use the modified retrospective adoption method and short term lease practical expedient to exclude those leases with a term of less than
12
months.
  
In
May 2016,
the FASB published ASU
2016
-
13
Financial Instruments – Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendment is effective for years beginning after
December 15, 2019
including interim periods with those years. The impact of adoption of the standard has
not
yet been determined.
 
In
January 2017,
the FASB published ASU
2017
-
04:
Intangibles – Goodwill and Other (Topic
350
): The amendments seeks to simplify goodwill impairment testing requirements for public entities. Under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should
not
exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The Board also eliminated the requirements for any reporting unit with a
zero
or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step
2
of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. An entity is required to disclose the amount of goodwill allocated to each reporting unit with a
zero
or negative carrying amount of net assets. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2019.
The impact of the adoption of the standard is being considered, however it is expected that this
may
reduce the complexity of evaluating goodwill for impairment.
 
 
In
June 2018,
the FASB published ASU
2018
-
07:
Compensation – Stock Compensation (Topic
718
): Improvements to Non-employee Share-Based Payment Accounting. The amendment simplifies the application of share-based payment accounting for non-employees. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after
December 15, 2018,
and interim periods within those fiscal years. The impact of the adoption of the standard is
not
expected to have a material impact on the consolidated financial statements.
 
In
August 2018,
the FASB published ASU
2018
-
13:
Fair Value Measurement (Topic
820
): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The amendment includes the removal, modification and additional of disclosure requirements under Topic
820.
The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after
December 15, 2019.
The impact of the adoption of the standard is
not
expected to have a material impact on the consolidated financial statements.