| Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES A summary of the principal accounting policies
are set out below: Cash The Company maintains its cash balances in
interest and non-interest-bearing accounts which do not exceed Federal Deposit Insurance Corporation limits. Principles of Consolidation The accompanying consolidated financial statements
include the accounts of Kibush Capital and Aqua Mining. All intercompany accounts and transactions have been eliminated. Other Comprehensive Income and Foreign Currency
Translation FASB ASC 220-10-05, Comprehensive Income The accompanying consolidated financial statements
are presented in United States dollars. Use of Estimates The preparation of financial statements in
conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management
to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Significant estimates made by management are, recoverability of long-lived assets, valuation and useful lives of intangible
assets, valuation of derivative liabilities, and valuation of common stock, options, warrants and deferred tax assets. Actual results
could differ from those estimates. Non-Controlling Interests Investments in associated companies over which
the Company has the ability to exercise significant influence are accounted for under the consolidation method, after appropriate
adjustments for intercompany profits and dividends. In December 2007, the FASB issued SFAS No.
141(R), “Business Combinations.” It requires an acquirer to recognize, at the acquisition date, the assets acquired,
the liabilities assumed, and any non-controlling interest in the acquiree at their full fair values as of that date. In a business
combination achieved in stages (step acquisitions), the acquirer will be required to re-measure its previously held equity interest
in the acquiree at its acquisition-date fair value and recognize the resulting gain or loss in earnings. The acquisition-related
transaction and restructuring costs will no longer be included as part of the capitalized cost of the acquired entity but will
be required to be accounted for separately in accordance with applicable generally accepted accounting principles. U.S. SFAS No.
141(R) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first
annual reporting period beginning on or after December 15, 2008. A non-controlling interest in a subsidiary
is an ownership interest in a consolidated entity that is reported as equity in the consolidated financial statements and separate
from the Company’s equity. In addition, net income/(loss) attributable to non-controlling interests is reported separately
from net income attributable to the Company in the consolidated financial statements. The Company’s consolidated statements
present the full amount of assets, liabilities, income and expenses of all of our consolidated subsidiaries, with a partially offsetting
amount shown in non-controlling interests for the portion of these assets and liabilities that are not controlled by us. Property and Equipment Property and equipment is stated at cost. Depreciation
is computed using the straight-line method over estimated useful lives as follows:
Plant equipment 2 to 15 years
Motor Vehicle 4 to 15 years Maintenance and repairs are charged to expense
as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or other disposition of property
and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected
in the consolidated statement of operations. Impairment of Long-Lived Assets In accordance with FASB ASC 360-10-5, Accounting
for the Impairment or Disposal of Long-Lived Assets
● Significant under performance relative to expected historical or projected future operating results;
● Significant changes in its strategic business objectives and utilization of the assets;
● Significant negative industry or economic trends, including legal factors; If the Company determines that the carrying
values of long-lived assets may not be recoverable based upon the existence of one or more of the above indicators of impairment,
the Company’s management performs an undiscounted cash flow analysis to determine if impairment exists. If impairment exists,
the Company measures the impairment based on the difference between the asset’s carrying amount and its fair value, and the
impairment is charged to operations in the period in which the long-lived asset impairment is determined by management. The carrying value of the Company’s investment
in Joint Venture contract with leaseholders of certain Mining Leases in Papua New Guinea represents its ownership, accounted for
under the equity method. The ownership interest is not adjusted to fair value on a recurring basis. Each reporting period the Company
assesses the fair value of the Company’s ownership interest in Joint Venture in accordance with FASB ASC 325-20-35. Each
year the Company conducts an impairment analysis in accordance with the provisions within FASB ASC 320-10-35 paragraphs 25 through
32. Fair Value of Financial Instruments The carrying amounts of the Company’s
cash, accounts payable and accrued expenses approximate their estimated fair values due to the short-term maturities of those financial
instruments. The Company believes the carrying amount of its notes payable approximates its fair value based on rates and other
terms currently available to the Company for similar debt instruments Beneficial Conversion Features of Debentures In accordance with FASB ASC 470-20, Accounting
for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous
value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert debt into common
stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial
value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate)
of the beneficial conversion feature of debentures and related accruing interest is recorded as a discount to the related debt
and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt
using the interest method. Derivative Financial Instruments We apply the provisions of FASB ASC 815-10,
Derivatives and Hedging In applying the Black-Scholes valuation model,
the Company used the following assumptions during the period ended March 31, 2018:
For the period
ended March 31, 2018
Annual dividend yield -
Expected life (years) 0.50 – 1.00
Risk-free interest rate 1.7 %
Expected volatility 122 % The inputs used to measure fair value fall
in different levels of the fair value hierarchy, a financial security’s hierarchy level is based upon the lowest level of
input that is significant to the fair value measurement. The Company determines the fair value of its
derivative instruments using a three-level hierarchy for fair value measurements which these assets and liabilities must be grouped,
based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while
unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when
available. These two types of inputs have created the following fair-value hierarchy: Level 1 Level 2 Level 3 The following table presents the Company’s
embedded conversion features of its convertible debt measured at fair value on a recurring basis as of March 31, 2018, and as of
September 30, 2017:
Carry Value at
March 31, September 30,
2018 2017
Derivative liabilities:
Embedded conversion features - notes $ 895,770 $ 1,333,021
Total derivative liability $ 895,770 $ 1,333,021
March 31, September 30,
2018 2017
Change in fair value included in other income (expense), net 437,251 -260,737
The following table provides a reconciliation
of the beginning and ending balances for the Company’s derivative liabilities measured at fair value using Level 3 inputs:
For the year ended For the year ended
March 31, September 30,
2018 2017
Embedded Conversion
Features - Notes:
Balance at beginning of year $ 1,333,021 $ 986,700
Change in derivative liabilities $ (874,502 ) $ 607,058
Net change in fair value included in net loss 437,251 (260,737 )
Ending balance $ 895,770 $ 1,333,021 The Company re-measures the fair values of
all its derivative liabilities as of each period end and records the net aggregate gain/loss due to the change in the fair value
of the derivative liabilities as a component of other expense, net in the accompanying consolidated statement of operations. During
the years ended September 30, 2017 and the 6 months ended March 31, 2018, the Company recorded a net increase (decrease) to the
fair value of derivative liabilities balance of $ (260,737) and $ 437,251, respectively. Loss per Share The Company applies FASB ASC 260, “Earnings
per Share.” Basic earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the
weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss)
per share except that the denominator is increased to include additional common shares available upon exercise of stock options
and warrants using the treasury stock method, except for periods for which no common share equivalents are included because their
effect would be anti-dilutive. Income Taxes Income taxes are accounted for in accordance
with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized
for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected
to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for
deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not
be realized. Mineral Property, Mineral Rights (Claims)
Payments and Exploration Costs Pursuant to EITF 04-02, “Whether Mineral
Rights are Tangible or Intangible Assets and Related Issues”, the Company has an accounting policy to capitalize the direct
costs to acquire or lease mineral properties and mineral rights as tangible assets. The direct costs include the costs of signature
(lease) bonuses, options to purchase or lease properties, and brokers’ and legal fees. If the acquired mineral rights relate
to unproven properties, the Company does not amortize the capitalized mineral costs, but evaluates the capitalized mineral costs
periodically for impairment. The Company expenses all costs related to the exploration of mineral claims in which it had secured
exploration rights prior to establishment of proven and probable reserves. Accounting Treatment of Mining Interests At this time, the Company does not directly
own or directly lease mining properties. However, the Company does have contractual rights and governmental permits which allow
the Company to conduct mining exploration on the properties referenced in this report. These contractual relationships, coupled
with the government permits issued to the Company (or a subsidiary), are substantially similar in nature to a mining lease. Therefore,
we have treated these contracts as lease agreements from an accounting prospective. Research and Development Research and development costs are recognized
as an expense in the period in which they are incurred. The Company incurred no research and development costs for the quarter
ended March 31, 2018. Recent Accounting Pronouncements In May 2014, the FASB issued
ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects
to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition
guidance in U.S. GAAP when it becomes effective. In July 2015, the FASB approved a one-year deferral of the effective date of the
new revenue recognition standard. The amendments in ASU 2014-09 are effective for public companies for fiscal years beginning after
December 15, 2017, including interim periods within those fiscal years. The standard permits the use of either the retrospective
or cumulative effect transition method. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic
606), Principal versus Agent Considerations (Reporting Revenue versus Net). In April 2016, the FASB issued ASU 2016-10, Revenue
from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing. In May 2016, the FASB issued ASU
2016-11, Revenue from Contracts with Customers (Topic 606) and Derivatives and Hedging (Topic 815) - Rescission of SEC Guidance
Because of ASU 2014-09 and 2014-16, and ASU 2016-12, Revenue from Contracts with Customers (Topic 606) - Narrow Scope Improvements
and Practical Expedients. In December 2016, the FASB issued ASU2016-20; Technical Corrections and Improvements to Topic 606. These
ASUs clarify the implementation guidance on a few narrow areas and adds some practical expedients to the guidance Topic 606. The
Company is evaluating the effect the ASUs will have on its consolidated financial statements and related disclosures. We have not
yet selected a transition method nor have we determined the effect of these standards on our ongoing financial reporting. In June 2014, the FASB issued
ASU 2014-15, “Presentation of Financial Statements-Going concern (Subtopic 205-40) which provides guidance to an organization’s
management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that
are commonly provided by organizations today in the financial statement footnotes. This guidance in ASU 2014-15 is effective for
annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early
application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued.
We do not expect that the adoption will have a material impact on our consolidated financial statements. In April 2015, the FASB
issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, which changes the presentation of debt issuance
costs in the financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction
from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense.
The guidance is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The guidance
will be applied retrospectively to each period presented. The adoption of this standard update is not expected to have any impact
on our financial statements. In July 2015, the FASB issued
ASU 2015-11, Inventory, which requires an entity to measure inventory within the scope at the lower of cost and net realizable
value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs
of completion, disposal, and transportation. The effective date for the standard is for fiscal years beginning after December 15,
2016. Early adoption is permitted. We do not expect the adoption of ASU 2015-11 to have a material impact on our consolidated financial
statements. In November 2015, the FASB
issued ASU 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. To simplify the presentation
of deferred income taxes, the amendments in this update require that deferred income tax liabilities and assets be classified as
noncurrent in a classified statement of financial position. The amendments in ASU 2015-17 are effective for public business entities
for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods.
The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented.
We do not expect that the adoption will have a material impact on our consolidated financial statements. In January 2016, the FASB
issued ASU 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and
Financial Liabilities.” The amendments in this update require all equity investments to be measured at fair value with changes
in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that
result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive
income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit
risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial
instruments. The amendments in ASU 2016-01 are effective for public companies for fiscal years beginning after December 15, 2017,
including interim periods within those fiscal years. We do not expect that the adoption will have a material impact on our consolidated
financial statements. In February 2016, the FASB
issued ASU No. 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (“ROU”) model that requires
a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases
will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income
statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those
fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at,
or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical
expedients available. We do not expect that the adoption will have a material impact on our consolidated financial statements. In March 2016, the FASB
issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement to apply
the equity method of accounting retrospectively when a reporting entity obtains significant influence over a previously held investment.
The amendments in ASU 2016-07 are effective for public companies for fiscal years beginning after December 15, 2016 including interim
periods therein. Early adoption is permitted. The new standard should be applied prospectively for investments that qualify for
the equity method of accounting after the effective date. We do not expect that the adoption will have a material impact on our
consolidated financial statements. In March 2016, the FASB
issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting, which includes amendments to accounting for income
taxes at settlement, forfeitures, and net settlements to cover withholding taxes. The amendments in ASU 2016-09 are effective for
public companies for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. Early adoption
is permitted but requires all elements of the amendments to be adopted at once rather than individually. We are evaluating the
effect that ASU No. 2016-09 will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued
Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities
to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions,
and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of
credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years, and interim periods
within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years,
and interim periods within those fiscal years, beginning after December 15, 2018. We are currently evaluating the impact that the
standard will have on our consolidated financial statements and related disclosures. In August 2016, the FASB
issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 clarifies the presentation and classification
of certain cash receipts and cash payments in the statement of cash flows. This ASU is effective for public business entities for
fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. We are currently
assessing the potential impact of ASU 2016-15 on our financial statements and related disclosures. In October 2016, the FASB
issued ASU No. 2016-16—Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. This ASU improves
the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This ASU is effective
for fiscal years and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. We do not
anticipate that the adoption of this ASU to have a significant impact on our consolidated financial statements. In October 2016, the FASB
issued ASU No. 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are Under Common Control. The amendments
in this ASU change how a reporting entity that is the single decision maker of a variable interest entity should treat indirect
interests in the entity held through related parties that are under common control with the reporting entity when determining whether
it is the primary beneficiary of that variable interest entity. The ASU is effective for fiscal years and interim periods within
those years beginning after December 15, 2016. We do not expect the adoption of this ASU to have a material impact on our consolidated
financial statements. In November 2016, the FASB
issued Accounting Standards Update 2016-18 (ASU 2016-18), Statement of Cash Flows: Restricted Cash. This ASU provides guidance
on the classification of restricted cash in the statement of cash flows. The amendments in this ASU are effective for interim and
annual periods beginning after December 15, 2017. Early adoption is permitted. The amendments in the ASU should be adopted on a
retrospective basis. We do not expect that adoption of this ASU to have a material effect on our consolidated financial statements. In January 2017, the
FASB issued Accounting Standards Update 2017-01; Business Combinations (Topic 805): Clarifying the Definition of a Business. The
amendments in this ASU revises the definition of a business. To be considered a business, an acquisition would have to include,
at a minimum, an input and a substantive process that together contribute to the ability to create outputs. The amendments in this
ASU are effective for interim and annual periods beginning after December 15, 2017. The amendments in this Update should be applied
prospectively on or after the effective date. No disclosures are required at transition. Early adoption is permitted. We do not
expect that adoption of this ASU to have a material effect on our consolidated financial statements. In January 2017, the
FASB issued Accounting Standards Update 2017-04; Intangibles – Goodwill and Other (Topic350): Simplifying the Test for Goodwill
Impairment. ASU 2017-04 eliminates Step 2 of the goodwill impairment test. As such, an entity will perform its annual, or interim,
goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The amendments in this ASU are
effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is
permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect that
adoption of this ASU to have a material effect on our consolidated financial statements. In February 2017, FASB
issued Accounting Standards Update 2017-05; Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic
610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. The amendments
in this ASU was issued to clarify the scope of ASC 610-20, including what constitutes an “in substance nonfinancial asset,”
and provide guidance on partial sales of nonfinancial and in substance assets. The effective date and transition requirements for
ASU 2017-05 are the same as the effective date and transition requirements of Topic 606 and must be applied at the same date that
Topic 606 is initially applied, which is effective for interim and annual reporting periods beginning after December 15, 2017.
Consistent with Topic 606, early adoption is permitted. In February 2017, FASB
issued Accounting Standards Update 2017-06; Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension
Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the
Emerging Issues Task Force). The amendments in this ASU requires an employee benefit plan within the scope of Topic 960,1 962,2
or 9653 to present its interest in a master trust and the change in its interest in that master trust as single line items in the
statement of net assets available for benefits and the statement of changes in net assets available for benefits, respectively.
In addition, the amendments update and align the disclosure requirements for an interest in a master trust across Topics 960, 962,
and 965. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2018. Early adoption
is permitted. The amendments in the ASU should be adopted on a retrospective basis. We do not expect that adoption of this ASU
to have a material effect on our consolidated financial statements. In March 2017, FASB issued
Accounting Standards Update 2017-07; Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic
Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this ASU requires sponsors of benefits plans to present
service cost in the same line item or items as other current employee compensation costs and present the remaining components of
net benefit cost in one or more separate line items outside of income from operations (if that subtotal is presented), and limit
the components of net benefit cost eligible to be capitalized (for example, as a cost of inventory or self-constructed assets)
to service cost. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2017. Early
adoption is permitted. These amendments are to be applied retrospectively for the presentation of service cost and other components
of net benefit costs, and prospectively for the capitalization of service cost. We do not expect the adoption of this ASU to have
a material effect on our consolidated financial statements. In March 2017, FASB issued
Accounting Standards Update 2017-08; Receivables—Non-refundable Fees and Other Costs (Subtopic 310-20): Premium Amortization
on Purchased Callable Debt Securities. The amendments in this ASU shortens the amortization period for certain purchased callable
debt securities held at a premium. Specifically, it requires the premium to be amortized to the earliest call date. The amendments
do not require an accounting change for securities held at a discount. The discount continues to be amortized to maturity. The
amendments in this ASU are effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted.
If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal
year that includes that interim period. We do not expect the adoption of this ASU to have a material effect on our consolidated
financial statements. In May 2017, FASB issued
Accounting Standards Update 2017-09; Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. The amendments
in this ASU amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of
changes to the terms or conditions of share-based payment awards an entity is required to apply modification accounting under ASC
718. The amendments in this ASU are effective for interim and annual periods beginning after December 15, 2017. Early adoption
is permitted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In May 2017, FASB issued
Accounting Standards Update 2017-10; Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services
(a consensus of the FASB Emerging Issues Task Force). The amendments in this ASU eliminates the current diversity in the determination
of the identity of the “customer” in service concession arrangements. The customer will be the “grantor”,
rather than any third-party users of the services provided by the operating entity. Further, the operating entity should expense
the cost of major maintenance as incurred because the grantor’s infrastructure is not an asset of the operating entity. The
amendments in this ASU is the same effective date for Topic 606 which is effective for interim and annual periods beginning after
December 15, 2017. We do not expect that adoption of this ASU to have a material effect on our consolidated financial statements. In July 2017, FASB issued
Accounting Standards Update 2017-11; Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480): Derivatives
and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement
of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Non-public Entities and Certain Mandatorily
Redeemable Non controlling Interests with a Scope Exception. The guidance is intended to reduce the complexity associated with
issuers’ accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, a down
round feature (as defined) would no longer cause a freestanding equity-linked financial instrument (or an embedded conversion option)
to be accounted for as a derivative liability at fair value with changes in fair value recognized in current earnings. The amendments
in this ASU are effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. We do
not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In August 2017, FASB
issued Accounting Standards Update 2017-12; Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging
Activities. The guidance in this ASU will result in the simplification of certain accounting requirements for hedging activities,
resolve hedge accounting practice issues that have arisen under the current guidance, and better align hedge accounting with an
organization’s risk management activities. The amendments in this ASU are effective for interim and annual periods beginning
after December 15, 2018. Early application is permitted in any interim period after issuance of the amendments for existing hedging
relationships on the date of adoption. We do not expect the adoption of this ASU to have a material effect on our consolidated
financial statements. In December 2017, FAS |
