Note 3 - Recently Issued Accounting Standards

6 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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

NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS

      In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016- 15,

Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments

, which will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016- 15 will be effective for fiscal years beginning after December  15, 2017, and interim periods within those fiscal years, which will be fiscal 2019 for us. ASU 2016- 15 requires retrospective adoption unless it is impracticable to apply, in which case it is to be applied prospectively as of the earliest practicable date. We do not expect adoption of ASU  2016- 15 to have a significant impact on our financial statements.

      In June 2016, the FASB issued ASU No. 2016- 13,

Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements

. This ASU requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. The amendment is effective for financial statements issued for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which will be fiscal 2021 for us. We do not expect adoption of ASU  2016- 13 to have a significant impact on our financial statements.

      Information regarding all other applicable recently issued accounting standards, on which our position have not changed since our latest annual financial statements, are contained in the financial statements included in our Annual Report on Form 10- K for the year ended March  31, 2016.