Note B - Adoption of New Accounting Pronouncements

9 Months Ended

Dec. 24, 2017

Notes to Financial Statements

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

NOTE

B– ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS

In

July 2015,

the

Financial Accounting Standards Board (“FASB”) updated U.S. accounting guidance to simplify the ways businesses measure inventory. Companies that use the

first

-in,

first

-out (FIFO) method or the average cost method will measure inventory at the lower of its cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal, and transportation. Companies will

no

longer consider replacement cost or net realizable value less a normal profit margin when measuring inventory. The guidance was effective for the Company beginning in the quarter ended

June 25, 2017

and did

not

have a material impact on its results of operations or financial position.

In

August 2016,

the FASB issued ASU

2016

-

15,

“

Statement of Cash Flows (Topic

230

): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)

”. This update addresses

eight

specific cash flow topics with the objective of reducing the existing diversity in practice for certain aspects under Topic

230.

ASU

2016

-

15

is effective for annual reporting periods, and interim periods therein, beginning after

December 15, 2017.

The Company elected to early adopt ASU

2016

-

15

during the quarter ending

December 24, 2017.

The adoption of this guidance did

not

have a significant impact on the Company’s consolidated financial statements.