Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Pronouncements

v3.21.1
Recent Accounting Pronouncements
 3 Months Ended
Mar. 31, 2021
Accounting Changes and Error Corrections [Abstract]  
Recent Accounting Pronouncements
18.

RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently Adopted Accounting Guidance

 

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 will simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendment was effective for annual periods beginning after December 15, 2020.

 

The Company adopted this pronouncement on January 1, 2021 and the impact was not material to the Company’s Consolidated Financial Statements.