Note 6 - Recently Issued Accounting Pronouncements	6 Months Ended
Oct. 27, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	6 . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS 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 annual and fiscal periods beginning after December 15, 2017. We adopted the revenue recognition standard as of April 29, 2018 using the modified retrospective approach for all contracts at the date of initial adoption. Upon adoption of the guidance, there was no material impact to the Company’s consolidated financial statements. 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. In March 2018, the FASB approved a new optional transition method that will give companies the option to use the effective date as the date of initial application on transition. We plan to elect this transition method, and as a result, we intend to adjust our financial information prospectively as of the effective date. ASU 2016 - 02 is effective for our fiscal year beginning April 28, 2019. We anticipate the adoption of this standard will result in an increase in lease-related assets and liabilities on our consolidated balance sheet. We continue to evaluate the impact on the consolidated statement of income. As the impact of this standard is non-cash in nature, we do not anticipate its adoption having an impact on the consolidated statement of cash flows. 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

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 annual and fiscal periods beginning after

December 15, 2017.

We adopted the revenue recognition standard as of

April 29, 2018

using the modified retrospective approach for all contracts at the date of initial adoption. Upon adoption of the guidance, there was

material impact to the Company’s consolidated financial statements.

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. In

March 2018,

the FASB approved a new optional transition method that will give companies the option to use the effective date as the date of initial application on transition. We plan to elect this transition method, and as a result, we intend to adjust our financial information prospectively as of the effective date. ASU

2016

is effective for our fiscal year beginning

April 28, 2019.

We anticipate the adoption of this standard will result in an increase in lease-related assets and liabilities on our consolidated balance sheet. We continue to evaluate the impact on the consolidated statement of income. As the impact of this standard is non-cash in nature, we do

not

anticipate its adoption having an impact on the consolidated statement of cash flows.

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.