Annual report pursuant to Section 13 and 15(d)

RECENT ACCOUNTING STANDARDS (Tables)

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RECENT ACCOUNTING STANDARDS (Tables)
 12 Months Ended
Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Description of Recent Accounting Standards, Not been Adopted
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.