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Note 2 - Recent Accounting Pronouncements
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note
2
Recent
Accounting
Pronouncements
 
In
May 2014,
the Financial Accounting Standards Board (“FASB”) issued ASU
2014
-
09,
Revenue from Contracts with Customers, as amended (commonly referred to as ASC
606
), which replaces numerous requirements in U.S. generally accepted accounting principles, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from contracts with customers and significantly expanded the disclosure requirements for revenue arrangements. The new standard, as amended, was effective for the Company for interim and annual reporting periods beginning on
January 1, 2018.
 
As discussed in Note
3,
the Company adopted ASC
606
using the modified retrospective transition method. Results for reporting periods beginning after
December 31, 2017
are presented under ASC
606,
while prior period comparative information has
not
been restated and continues to be reported in accordance with ASC
605,
Revenue Recognition, the accounting standard in effect for periods ended prior to
January 1, 2018.
Based on contracts in process at
December 31, 2017,
the Company determined that the impact of the adoption of ASC
606
was immaterial and that the Company would
not
recognize any of the accelerated net sales at
January 1, 2018
in the Company’s statements of operations for any historical or future period.
 
In
February 2016,
the FASB issued ASU
2016
-
02,
Leases (Topic
842
). ASU
2016
-
02
requires the recognition of lease rights and obligations as assets and liabilities on the balance sheet. Previously, lessees were
not
required to recognize on the balance sheet assets and liabilities arising from operating leases. The ASU also requires disclosure of key information about leasing arrangements. ASU
2016
-
02
is effective on
January 1, 2019,
using the modified retrospective method of adoption, with early adoption permitted. The Company is currently finalizing its evaluation of the effect adopting ASU
2016
-
02
will have on its financial statements and disclosures. The adoption of this ASU will result in the recognition of a right-of-use asset and lease liability on the balance sheet and expanded financial statement disclosures in amounts that are
not
material to the financial statements.