In the FASB published ASU - Simplifying the Measurement of Inventory (Topic ). The amendments in this Update more closely align the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). FASB has amended some of the other guidance in Topic to more clearly articulate the requirements for the measurement and disclosure of inventory. However, the FASB does intend for those clarifications to result in any changes in practice. Other than the change in the subsequent measurement guidance from the lower of cost or market to the lower of cost and net realizable value for inventory within the scope of this Update, there are other substantive changes to the guidance on measurement of inventory. For public business entities, the amendments in this Update are effective for fiscal years beginning after including interim periods within those fiscal years. The adoption of ASU - had impact on the consolidated financial statements.

 

In the FASB published ASU - Income Taxes (Topic ). The amendment requires that deferred tax assets and liabilities be classified as non-current in a classified statement of financial position. The amendments in this Update are effective for public business entities for financial statements issued for fiscal years beginning after and interim periods within those fiscal years. The adoption of ASU - resulted in the presentation of the Company’s deferred tax assets as non-current.

 

In the FASB published ASU - Compensation – Stock Compensation (Topic ). The amendment simplifies several aspects of accounting for share-based payment transactions including income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures. Some of the areas for simplification apply only to nonpublic entities. The amendments in this ASU are effective for public business entities for fiscal years beginning after and interim periods within those fiscal years. The adoption of ASU - had impact on the consolidated financial statements.

 

 

In the FASB published ASU - Revenue from Contracts with Customers (Topic ). The amendment clarifies the implementation guidance on principal versus agent considerations. In the FASB published ASU - Revenue from Contracts with Customers (Topic ), which clarified application of the standard in identifying performance obligations and licensing arrangements. In the FASB published ASU - Revenue from Contracts with Customers (Topic ), which included narrow-scope improvements and practical expedients. Specifically the update addresses application of collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. In the FASB published ASU - Revenue from Contracts with Customers (Topic ), which supersedes (i) revenue recognition requirements in Topic and most related industry-specific guidance, and (ii) cost guidance included in Subtopic - Revenue Recognition—Construction-Type and Production-Type Contracts, and amends existing requirements for recognition of a gain/loss on the transfer of nonfinancial assets that are in a contract with a customer (for example, assets within the scope of Topic Property, Plant, and Equipment, and intangible assets within the scope of Topic Intangibles—Goodwill and Other) to be consistent with the new requirements. In the FASB published ASU - Topic which effectively postponed the effective adoption requirement by year such that the standard is effective for years beginning after including interim periods with those years. Early adoption is permitted only for those annual reporting periods beginning on or after Management is currently evaluating the impact of the new standard, analyzing and performing a diagnostic on the various revenue streams within our manufacturing services. We anticipate a modified retrospective adoption effective

  

In the FASB published ASU - Financial Instruments - Overall (Topic -). The amendment addresses certain aspects of recognition, measurement, presentation and disclosure of financial assets and liabilities. The amendments in this ASU are effective for public business entities for fiscal years beginning after and interim periods within those fiscal years. The impact of adoption of the standard has yet been determined.

 

In the FASB published ASU - Leases (Topic ). The amendment proposes that all lessees should recognize the assets and liabilities that arise from leases. Elections be available for those leases with terms of months or less. The amendment still retains the distinction between finance leases and operating leases. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after and interim periods within those fiscal years. The impact of the adoption of the standard is expected to result in the recognition of all leases with the corresponding assets and liabilities recorded in the consolidated financial statements. Management is currently evaluating the qualitative and quantitative impact of this standard.

  

In the FASB published ASU - Financial Instruments – Credit losses (Topic ): Measurement of Credit Losses on Financial Instruments. The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendment is effective for years beginning after including interim periods with those years. Early adoption is permitted only for those annual reporting periods beginning on or after The Company continues to evaluate the impact of this accounting standard. The impact of adoption of the standard has yet been determined.

 

In the FASB published ASU - Statement of Cash Flows (Topic ): Classification of Certain Cash Receipts and Cash Payments. This Accounting Standards Update addresses the following specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of -coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendment is effective for years beginning after including interim periods with those years. Early adoption is permitted. The impact of adoption of the standard has yet been determined.

In the FASB published ASU - Statement of Cash Flows (Topic ): Restricted Cash. This update addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should 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. The amendment is effective for years beginning after including interim periods with those years. Early adoption is permitted. The impact of adoption of the standard is expected to result in a modification to the current presentation of the statement of cash flows such that restricted cash is presented as an investing activity, but is presented as part of the net change in cash from beginning to the ending balance.