In the 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 financial position, results of operations, cash flows and/or disclosures.

 

In the FASB issued ASU - “Leases (Topic )” (“ASU -). Under ASU - an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU - offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU - is effective for annual reporting periods beginning after including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the impact of the pending adoption of the new standard on our consolidated financial position and/or disclosures. The Company believes the adoption of ASU - will result in the Company recording right-of-use assets and liabilities on the consolidated balance sheets for leases currently classified as operating leases.

 

In the FASB issued ASU - “Financial Instruments (Topic ) Credit Losses” (“ASU -). ASU - 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. ASU - is effective as of Early adoption is permitted. The Company is currently evaluating the impact of ASU - on its consolidated financial position, results of operations, cash flows and/or disclosures.