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Note 9 - Recently Adopted Accounting Pronouncements
6 Months Ended
Jun. 30, 2014
Disclosure Text Block [Abstract]  
Description of New Accounting Pronouncements Not yet Adopted [Text Block]

Note 9. Recently Adopted Accounting Pronouncements


In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09). The ASU will supersede virtually all existing revenue recognition guidance under GAAP and will be effective for annual reporting periods beginning after December 15, 2016. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and the amount of revenue recognized reflects the consideration that a company expects to receive for the goods and services provided. The new guidance establishes a five-step approach for the recognition of revenue. Based upon a preliminary assessment, Avalon does not anticipate that the new guidance will fundamentally change our revenue recognition policies, practices or systems.