Standard    

Description

Effect on our Condensed
Consolidated Financial
Statements or Other
Significant  Matters

ASU 2014-09,

Revenue from Contracts with Customers (Topic 606), and subsequent amendments thereto

This standard amends existing revenue recognition guidance and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard may be early adopted beginning January 1, 2017, and may be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption.

The implementation of this new standard will not affect the amounts shown in our Condensed Consolidated Financial Statements and related disclosures as the Company has no revenues.

This standard requires a lessee to recognize leases on its balance sheet by recording a liability representing the obligation to make future lease payments and a right-of-use asset representing the right to use the underlying asset for the lease term. A lessee is permitted to make an election not to recognize lease assets and liabilities for leases with a term of 12 months or less. The standard also modifies the definition of a lease and requires expanded disclosures. This standard may be early adopted and must be adopted using a modified retrospective approach with certain available practical expedients.

    Standard    

Description

Effect on our Condensed
Consolidated Financial
Statements or Other
Significant  Matters

ASU 2017-01,

Business Combinations (Topic 805): Clarifying the Definition of a Business

This update clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses by providing a screen to determine when an integrated set of assets or activities is not a business.

The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements or disclosures.

ASU 2017-04,

Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

This update eliminated Step 2 from the goodwill impairment test. Step 2 required entities to compute the implied fair value of goodwill if it was determined that the carrying amount of a reporting unit exceed its fair value. The goodwill impairment test now consists of comparing the fair value of a reporting unit with its carrying amount, and a company should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.

ASU 2017-09,

Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting

This update clarifies what changes to the terms and conditions of share-based awards require an entity to apply modification accounting. Modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions.

The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements or disclosures.

ASU 2016-18,

Statement of Cash Flows (Topic 230): Restricted Cash

This update requires that restricted cash be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.