Note 6 - Recently Issued Accounting Pronouncements	6 Months Ended
Oct. 28, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	6 . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016 - 09, “Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (“ASU 2016 - 09” ). The updated guidance simplifies and changes how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes and forfeitures, as well as classification of certain items in the statement of cash flows. The Company adopted ASU 2016 - 09 effective April 30, 2017 and elected to apply the cash flow guidance retrospectively; therefore, cash flow from operating activities increased and cash flow from financing activities decreased by $76,000 for the six months ended October 29, 2016. The Company also elected to continue to estimate the number of awards that are expected to vest using the forfeiture option. The adoption of ASU 2016 - 09 reduced the Company’s income tax expense by $480,000 and $561,000 for the three and six months ended October 28, 2017, respectively. In November 2015, the FASB issued Accounting Standards Update No. 2015 - 17, “ Balance Sheet Classification of Deferred Taxes” (“ASU 2015 - 17” ). ASU 2015 - 17 requires companies to classify all deferred tax liabilities and assets as noncurrent on the balance sheet. We adopted ASU 2015 - 17 effective for our fiscal year beginning April 30, 2017, electing to apply it retrospectively to all periods presented. As a result, $3.9 million of deferred taxes was reclassified from current to non-current on the consolidated balance sheet as of April 29, 2017 . In May 2014, the FASB issued Accounting Standards Update No. 2014 - 09, “ Revenue from Contracts with Customers” (“ASU 2014 - 09” ). ASU 2014 - 09 requires an entity to recognize revenue in an amount that reflects the consideration it expects to receive in exchange for goods or services. On August 12, 2015, the FASB issued ASU 2015 - 14 which deferred the effective date of ASU 2014 - 09 by one year and is effective for our fiscal year beginning April 29, 2018. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements; however, adoption is not expected to have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued Accounting Standards Update No. 2016 - 02, “Leases” (“ASU 2016 - 02” ). ASU 2016 - 02 requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016 - 02 is effective for our fiscal year beginning April 28, 2019. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. In August 2017, the FASB issued Accounting Standards Update 2017 - 12, “Targeted Improvements to Accounting for Hedge Activities” (“ASU 2017 - 12” ). This amendment simplifies the application of hedge accounting and enables companies to better portray the economics of risk management activities in their financial statements. ASU 2017 - 12 is effective for our fiscal year beginning April 28, 2019. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

RECENTLY ISSUED

ACCOUNTING PRONOUNCEMENTS

March 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

No.

2016

09,

“Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting” (“ASU

2016

09”

). The updated guidance simplifies and changes how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes

and forfeitures, as well as classification of certain items in the statement of cash flows. The Company adopted ASU

2016

effective

April 30, 2017

and elected to apply the cash flow guidance retrospectively; therefore, cash flow from operating activities increased and cash flow from financing activities decreased by

$76,000

for the

six

months ended

October 29, 2016.

The Company also elected to continue to estimate the number of awards that are expected to vest using the forfeiture option. The adoption of ASU

2016

reduced the Company’s income tax expense by

$480,000

and

$561,000

for the

three

and

six

months ended

October 28, 2017,

respectively.

November 2015,

the FASB issued Accounting Standards Update

No.

2015

17,

“

Balance Sheet Classification of Deferred Taxes” (“ASU

2015

17”

). ASU

2015

requires companies to classify all deferred tax liabilities and assets as noncurrent on the balance sheet. We adopted ASU

2015

effective for our fiscal year beginning

April 30, 2017,

electing to apply it retrospectively to all periods presented. As a result,

$3.9

million of deferred taxes was reclassified from current to non-current on the consolidated balance sheet as of

April 29, 2017

May 2014,

the FASB issued Accounting Standards Update

No.

2014

09,

“

Revenue from Contracts with Customers” (“ASU

2014

09”

). ASU

2014

requires an entity to recognize revenue in an amount that reflects the consideration it expects to receive in exchange for goods or services. On

August 12, 2015,

the FASB issued ASU

2015

which deferred the effective date of ASU

2014

one

year and is effective for our fiscal year beginning

April 29, 2018.

We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements; however, adoption is

not

expected to have a material impact on our financial position, results of operations or cash flows.

February 2016,

the FASB issued Accounting Standards Update

No.

2016

02,

“Leases” (“ASU

2016

02”

). ASU

2016

requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU

2016

is effective for our fiscal year beginning

April 28, 2019.

We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.

August 2017,

the FASB issued Accounting Standards Update

2017

12,

“Targeted Improvements to Accounting for Hedge Activities” (“ASU

2017

12”

). This amendment simplifies the application of hedge accounting and enables companies to better portray the economics of risk management activities in their financial statements. ASU

2017

is effective for our fiscal year beginning

April 28, 2019.

We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.