In the FASB published ASU - Fair Value Measurement (Topic ): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The amendment includes the removal, modification and addition of disclosure requirements under Topic The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after The impact of the adoption of the standard expands the disclosure of certain assets and liabilities recorded at fair value.

 

In the FASB published ASU - Reference Rate Reform (Topic ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update are elective and provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this Update are effective for all entities as of through An entity elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to or prospectively from a date within an interim period that includes or is subsequent to up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The impact of the adoption of the standard is material to the Company, as alternative reference rates are available under the agreements governing the financial instruments.

 

 

 

In the FASB published ASU - Financial Instruments – Credit losses (Topic ): Measurement of Credit Losses on Financial Instruments. The main objective of Topic 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. In the FASB published ASU - Codification Improvements to Topic Financial Instruments – Credit Losses, which made certain amendments and corrections to the original codification. In the FASB published ASU - Financial Instruments – Credit losses (Topic ) which made transitional relief available, specifically allowing the option to elect a fair value option for financial instruments measured at amortized cost. In the FASB published ASU - Codification Improvements to Topic Financial Instruments – Credit losses, which made certain amendments and corrections to the original codification. In the FASB published ASU - Financial Instruments – Credit losses (Topic ), which made certain amendments to the effective dates of the new standard. The amendment is effective for the Company for years beginning after including interim periods with those years. The Company is currently evaluating the impact of this accounting standard, but it is expected that the new standard result in additional credit losses being recorded.

 

In the FASB published ASU - Intangibles – Goodwill and Other (Topic ): Topic 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 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 FASB also eliminated the requirements for any reporting unit with a or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 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 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 The Company is currently evaluating the impact of this accounting standard. However, it is expected that this reduce the complexity of evaluating goodwill for impairment.

 

In the FASB published ASU - Income Taxes (Topic ): Simplifying the Accounting for income taxes. The purpose of this codification is to simplify the accounting for income taxes, which addresses a number of topics including but limited to the removal of certain exceptions currently included in the standard related to intraperiod allocation when there are losses, in addition to calculation of income taxes when current year-to-date losses exceed anticipated loss for the year. The amendment also simplifies accounting for certain franchise taxes and disclosure of the effect of enacted change in tax laws or rates. Topic is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after The impact of the adoption of the standard has yet been determined and is being evaluated.