In
May 2014,
the FASB issued 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. In
August 2015,
the FASB issued ASU
No.
2015
-
14,
“Revenue from
Contracts with Customers (Topic
606
)
: Deferral of the Effective Date
”
(“ASU
2015
-
14”
). This ASU deferred the effective date for ASU
2014
-
09
to 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 consolidated 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
third
and
fourth
quarters of
2017,
including preparing the quantitative impact on comparable periods and necessary disclosures, if applicable.