Note 13 - New Accounting Pronouncements

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

13

.

NEW ACCOUNTING PRONOUNCEMENTS

In

March

2017,

FASB issued ASU No.

2017

-

07,

Compensation-Retirement Benefits. This ASU aims to improve the presentation of the net periodic pension cost and net periodic postretirement benefit cost by requiring the reporting of the service cost component in the same line item or items as other compensation costs arising from services rendered by employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations This ASU will be effective for public business entities for annual periods beginning after

December

15,

2017.

The Company is in the process of assessing the impact of ASU No,

2017

-

07

on its financial statements.