In the FASB issued ASU - . This standard includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. We adopted this standard on The Company expects its reported provision for income taxes to become more volatile, dependent upon market prices and volume of share-based compensation exercises and vesting of options.

 

In the FASB issued ASU - . This provision would require inventory that was previously recorded using -in, -out (“FIFO”) to be recorded at lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We adopted this standard on The application of this standard did have significant impact on our financial statements.

 

In the FASB issued ASU - . The standard provides revenue recognition guidance for any entity that enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other accounting standards. The standard also expands the required financial statement disclosures regarding revenue recognition. The new guidance is effective for us on In addition, in the FASB issued ASU - , in the FASB issued ASU - and in the FASB issued ASU - . These standards are intended to clarify aspects of ASU - and are effective for us upon adoption of ASU -

 

The Company’s approach to implementing the new standard includes performing a detailed review of key contracts representative of its different businesses and comparing historical accounting policies and practices to the new standard. The guidance permits methods of adoption, retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). We will adopt the standards using cumulative catch-up transition method.

 

The Company is continuing to assess the impact on our consolidated financial statements by finalizing our location surveys, reviewing unique customer contract terms, and developing processes to manage the changes in the revenue recognition guidance and gather information for the required disclosures. The company expects this process will be complete during the quarter of fiscal year A majority of the Company’s revenue arrangements are routine sales transactions, which generally consist of a single performance obligation to transfer promised goods or service. Therefore, based on our procedures performed to date it is expected that application of the new guidance will have a material impact to the Company’s consolidated financial statements.

 

In the FASB issued ASU - . The standard is intended to improve the recognition, measurement, presentation and disclosure of financial instruments.  Among other changes, there will longer be an available-for-sale classification for which changes in fair value are currently reported in other comprehensive income for equity securities with readily determinable fair values.  This ASU is effective using the modified retrospective approach for annual periods and interim periods within those annual periods beginning after which for us is Early adoption is permitted. This ASU could increase income statement volatility, as changes in the fair value of our equity investments will flow through earnings after adoption. 

 

In the FASB issued ASU - ), which amends the existing guidance to require lessees to recognize lease assets and lease liabilities from operating leases on the balance sheet. This ASU is effective using the modified retrospective approach for annual periods and interim periods within those annual periods beginning after which for us is Early adoption is permitted. We are currently evaluating the impact of the adoption of ASU - on our consolidated financial statements.

 

In the FASB issued ASU - . The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses. This update is intended to provide financial statement users with more decision-useful information about the expected credit losses. This ASU is effective for annual periods and interim periods for those annual periods beginning after which for us is Entities early adopt beginning after We are currently evaluating the impact of the adoption of ASU - on our consolidated financial statements.

 

In the FASB issued ASU - . The standard revises the definition of a business, which affects many areas of accounting such as business combinations and disposals and goodwill impairment. The revised definition of a business will likely result in more acquisitions being accounted for as asset acquisitions, as opposed to business combinations. This ASU is effective for annual periods and interim periods for those annual periods beginning after which for us is The amendments in this guidance are required to be applied prospectively to transactions occurring on or after the effective date.

 

In the FASB issued ASU - . The standard provides guidance about which changes to the terms or conditions of a share-based payment award require modification accounting, which result in a different fair value for the award. This ASU is effective for annual periods and interim periods for those annual periods beginning after which for us is The guidance is required to be applied prospectively to awards modified on or after the effective date. Historically, modifications to our share-based payment awards have been rare. As such, we do expect the application of this standard to have a significant impact on our results of operations or financial position.

 

In the FASB issued ASU - . The standard allows companies to make an election to reclassify from accumulated other comprehensive income to retained earnings the stranded tax effects resulting from the Tax Cuts and Jobs Act of This ASU is effective for annual and interim periods beginning after which for us is Early adoption is permitted.  We are currently evaluating this ASU and have yet made a decision regarding our policy election or early adoption.