In the Financial Accounting Standards Board (“FASB”) issued guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The guidance applies to all entities and is effective for annual periods ending after and interim periods thereafter, with early adoption permitted. The Company adopted this standard in

 

In the FASB issued ASU - Leases (Topic which when effective will require organizations that lease assets (e.g., through "leases") to recognize assets and liabilities for the rights and obligations created by the leases on the balance sheet. A lessee will be required to recognize assets and liabilities for leases with terms that exceed months. The standard will also require disclosures to help investors and financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. The disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The guidance is effective for annual periods beginning after and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial position and results of operations.

 

In the FASB issued ASU - "Revenue from Contract with Customers - Narrow-Scope Improvements and Practical Expedients". In the FASB issued ASU - "Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing". In the FASB issued ASU - "Revenue from Contract with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net)". In the FASB issued ASU - deferring the effective date to annual and interim periods. In the FASB issued ASU - "Revenue from Contracts with Customers". The core principle of these ASUs are that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU - affect only the narrow aspects of the guidance, such as assessing the collectability criterion and accounting for contracts that do not meet the criterion, presentation of sales and other similar taxes collected from customers, non-cash consideration, and contract modifications at transition. ASU - clarifies aspects of the guidance: identifying performance obligations and the licensing implementation. The intention of ASU - is to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU - defers the effective date to annual and interim periods beginning on or after and early adoption will be permitted, but not earlier than the original effective date of annual and interim periods beginning on or after for public entities. ASU - is a comprehensive new revenue recognition model for revenue from contract with customers. The Company is evaluating the potential impact of the new guidance and will adopt these ASUs when effective.