Note 3 - Recently Issued Accounting Standards

9 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS

      In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2015- 17,

Balance Sheet Classification of Deferred Taxes

. ASU  2015- 17 simplifies the presentation of deferred income taxes and requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This update applies to all entities that present a classified statement of financial position. These amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. If the guidance is applied prospectively, disclosure is made in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted. If the guidance is applied retrospectively, disclosure is made in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We do not expect adoption of ASU  2015- 17 to have a significant impact on our financial statements.

      In July 2015, the FASB issued ASU No. 2015- 11,

Simplifying the Measurement of Inventory

. ASU 2015- 11 requires inventory that is recorded using the first- in, first- out method to be measured at the lower of cost or net realizable value. ASU 2015- 11 will be effective prospectively for the year ending March 31, 2018, with early adoption permitted. We do not expect adoption of ASU  2015- 11 to have a significant impact on our financial statements.

      In May 2014, the FASB issued ASU No. 2014- 09,

Revenue from Contracts with Customers (Topic 606)

, which supersedes the revenue recognition requirements in Accounting Standards Codification 605,

Revenue Recognition

. ASU 2014- 09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU  2014- 09 is effective for fiscal years beginning after December  15, 2017, including interim periods within that reporting period, which will be our first quarter of fiscal 2019. We have not yet evaluated the impact of ASU  2014- 09 on our financial statements.

      We have adopted all other applicable recently issued accounting standards.