Accounting Changes and Recent Accounting  Pronouncements:  In December 2011, the Financial  Accounting Standards Board (FASB) updated the guidance  within ASC 210,  Balance Sheet . The update enhances disclo- sures related to the offsetting of certain assets and liabilities  to enable users of financial statements to understand the  effect of those arrangements on financial position. The  updated guidance was effective for annual reporting periods  beginning on or after January 1, 2013, and interim periods  within those annual periods. The Company adopted the new  provisions of this accounting standard at the beginning of  fiscal year 2014, and adoption did not have a material impact  on the consolidated financial statements. In February 2013, the FASB updated the guidance within ASC  220,  Comprehensive Income . The update requires companies  to report, in one place, information about reclassifications  out of accumulated other comprehensive income (AOCI) and  changes in AOCI balances. For significant items reclassified  out of AOCI to net income in their entirety in the same report- ing period, reporting is required about the effect of the reclas- sifications on the respective line items in the statement where  net income is presented. For items that are not reclassified  to net income in their entirety in the same reporting period, a  cross reference to other disclosures currently required under  U.S. generally accepted accounting principles is required. The  above information must be presented in one place, either par- enthetically on the face of the financial statements by income  statement line item, or in a note. The updated guidance is to  be applied prospectively and was effective for fiscal years, and  interim periods within those years, beginning after December  15, 2012, with early adoption permitted. The Company adopted  the new provisions of this accounting standard at the begin- ning of fiscal year 2014, and adoption did not have a material  impact on the consolidated financial statements as it relates  to presentation and disclosure only. In January 2014, the FASB updated the guidance within ASC  323,  Investments-Equity Method and Joint Ventures . The update  provides guidance on accounting for investments by a report- ing entity in flow-through limited liability entities that manage  or invest in affordable housing projects that qualify for the  In May 2014, the FASB issued ASC 606,  Revenue from Contracts  with Customers . This topic converges the guidance within U.S.  generally accepted accounting principles and international  financial reporting standards and supersedes ASC 605,  Revenue Recognition . The new standard requires companies to  recognize revenue to depict the transfer of goods or services to  customers in amounts that reflect the consideration to which  the company expects to be entitled in exchange for those goods  or services. The new standard will also result in enhanced dis- closures about revenue, provide guidance for transactions that  were not previously addressed comprehensively, and improve  guidance for multiple-element arrangements. The new guid- ance is effective for annual reporting periods beginning after  December 15, 2016, including interim reporting periods within  that reporting period, and early application is not permitted.  Accordingly, the Company plans to adopt the provisions of this  new accounting standard at the beginning of fiscal year 2018,  and is currently assessing the impact on its consolidated finan- cial statements. low-income housing tax credit. The amendments modify the  conditions that a reporting entity must meet to be eligible  to use a method other than the equity or cost methods to  account for qualified affordable housing project investments.  If the modified conditions are met, the amendments permit  an entity to make an accounting policy election to amortize  the initial cost of the investment in proportion to the amount  of tax credits and other tax benefits received and recognize  the net investment performance in the income statement as  a component of income tax expense (benefit). Additionally,  the amendments introduce new recurring disclosures about  all investments in qualified affordable housing projects irre- spective of the method used to account for the investments.  The updated guidance is to be applied retrospectively and is  effective for fiscal years, and interim periods within those  years, beginning after December 15, 2014, with early adoption  permitted. The Company expects to adopt the new provisions  of this accounting standard at the beginning of fiscal year  2016, and adoption is not expected to have a material impact  on the consolidated financial statements. 42