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Note 17 - New Accounting Standard Adopted
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

17.

NEW ACCOUNTING STANDARD ADOPTED

 

In June 2016, the FASB issued ASU 2016-13 Financial Instruments-Credit Losses (Topic 326) to update the methodology used to measure current expected credit losses. The ASU applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet exposures, such as loan commitments. The guidance requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. ASU 2019-10 was subsequently issued delaying the effective date to the first quarter of 2023. The ASU did not have a material effect on the Company’s condensed consolidated interim financial statements.