Note 3 - New Accounting Standards

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 3. New Accounting Standards

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments -Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. ASU 2016-13 replaces the incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The primary impact of ASU 2016-13 relates to the Company’s assessment of its allowance of doubtful accounts on trade receivables.  The guidance was effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years.  The Company adopted this standard in the first quarter of 2023, and the adoption did not have a material impact on the Company’s consolidated financial statements.