Note 13 - New Accounting Standards |
6 Months Ended | ||
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Jun. 30, 2018 | |||
Notes to Financial Statements | |||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014 -09, (Topic 606 ) “Revenue from Contracts with Customers.” Topic 606 supersedes the revenue recognition requirement in Topic “Revenue Recognition” (Topic 605 ), and requires entities to recognize revenue when control of the promised good or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for goods or services. The Company adopted this standard in its fiscal 2018 first quarter using the modified retrospective approach. See Note 3 for further details.In February 2016, the FASB issued ASU 2016 -02, Leases (Topic 842 ), 2016 -02 requires that a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. ASU 2016 -02 is effective for fiscal years beginning after December 15, 2018 ( including interim periods within those periods) using a modified retrospective approach and early adoption is permitted. The Company will adopt ASU 2016 -02 in the first quarter of 2019. Although the Company is in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, the Company expects the most significant change will be related to the recognition of right-of-use assets and lease liabilities on the Company's balance sheet for real estate operating leases.In March 2016, the FASB issued ASU 2016 -09, Compensation – Stock Compensation (Topic . ASU 718 ): Improvement to Employee Share-based Payment Accounting2016 -09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. Additionally, in May 2017, the FASB issued ASU 2017 -09, Compensation – Stock Compensation (Topic ASU 718 ). 2017 -09 clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under ASC 718. The Company adopted ASU 2016 -09 in its fiscal 2017 first quarter. It did not have a material impact. ASU 2017 -09 is effective for annual and interim reporting periods beginning after December 15, 2017. The Company adopted ASU 2017 -09 in its fiscal 2018 first quarter. It did not have a material impact.In June 2016, the FASB issued ASU 2016 -13, Financial Instruments - Credit Losses (Topic The new standard amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. This ASU is effective for financial statements issued for fiscal years beginning after 326 ). December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements.In August 2016, the FASB issued ASU No. 2016 -15, Statement of Cash Flows ( Topic 230 ): Classification of Certain Cash Receipts and Cash Payments . ASU 2016 -15 clarifies how certain cash receipts and payments should be presented in the statement of cash flows. The guidance requires application using a retrospective transition method. The Company adopted ASU 2016 -15 in its fiscal 2018 first quarter. It did not have a material impact.In January 2017, the FASB issued ASU No. 2017 -01, “Business Combinations” (Topic 805 ) to clarify the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted ASU 2017 -01 in its fiscal 2018 first quarter. It did not have a material impact. |