Quarterly report pursuant to Section 13 or 15(d)

Note 9

v3.7.0.1
Note 9
3 Months Ended
Mar. 31, 2017
Accounting Standards Update 2014-09 [Member]  
Notes to Financial Statements  
Description of New Accounting Pronouncements Not yet Adopted [Text Block]
(9)
In
May
2014,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No.
2014
-
09,
“Revenue Recognition (Topic
606):
Revenue from Contracts with Customers”
(“ASU
2014
-
09”).
This ASU introduces a new
five
-step revenue recognition model in which an entity should 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 ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after
December
15,
2017,
including interim periods within that reporting period. The Trust is reviewing and analyzing the impact that this ASU will have on our financial statements. This review process includes evaluating key accounting policy decisions, judgments, estimates, and disclosures for each significant category of revenue. This ASU will require additional disclosures on revenue and could affect the timing of revenue recognition. Certain categories of revenue
may
be more impacted than others. The Trust will complete its implementation process during the
second
and
third
quarters of
2017,
including preparing the quantitative impact on comparable periods, if applicable.