In the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) - “Intangibles - Goodwill and Other (Topic ): Simplifying the Test for Goodwill Impairment”, which changes the subsequent measurement of goodwill impairment by eliminating Step from the impairment test. Under the new guidance, an entity will measure impairment using the difference between the carrying amount and the fair value of the reporting unit. The new standard is effective for fiscal years beginning after i.e. a effective date), with early adoption permitted for goodwill impairment tests with measurement dates after The Company believes the adoption will have a material impact on its consolidated balance sheets, statements of operations, statements of cash flows and related disclosures.

 

In the FASB issued ASU - “Financial Instruments (Topic ) Credit Losses”. Topic changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are accounted for at fair value through net income are to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Topic is effective as of Early adoption is permitted. The Company is currently evaluating the impact of Topic on its consolidated balance sheets, statements of operations, statements of cash flows and related disclosures.