Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Pronouncements and Developments

v3.23.1
Recent Accounting Pronouncements and Developments
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Recent Accounting Pronouncements and Developments Recent Accounting Pronouncements and DevelopmentsIn June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-13, “Financial Instruments (Topic 326) Credit Losses”. Topic 326 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 not 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. The Company's adoption of this standard on January 1, 2023 did not have a material effect on its consolidated balance sheets, statements of operations, statements of cash flows or related disclosures.