Annual report pursuant to Section 13 and 15(d)

RECENT ACCOUNTING STANDARDS

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RECENT ACCOUNTING STANDARDS
 12 Months Ended
Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
RECENT ACCOUNTING STANDARDS
NOTE 20 — RECENT ACCOUNTING STANDARDS
The following table provides a description of recent accounting standards that had not been adopted by the Company as of December 31, 2019:
Standard
 
Description
 
Date of Adoption
 
Effect on our Consolidated Financial Statements or Other Significant Matters
ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326)
 
This standard establishes the current expected credit loss model, a new impairment model for certain financial instruments based on expected rather than incurred losses.
 
January 1, 2020
 
The Company adopted the standard on January 1, 2020, and will apply it at the beginning of the period of adoption. The standard did not have a material impact on our financial statements.

Other than as disclosed in Note 17, Leases, there were no other recent accounting standards that were adopted by the Company during the reporting period that had a significant effect on our Consolidated Financial Statements.